What feature characterizes a typical Major medical insurance plan?

A typical Major Medical Insurance plan is characterized by high coverage limits. This feature allows the plan to cover a significant portion of medical expenses after certain out-of-pocket costs, such as deductibles and coinsurance, have been met. Major medical insurance is designed to provide a safety net for catastrophic health expenses, ensuring that policyholders are protected from excessive health care costs that can arise from serious illnesses or injuries.

In contrast, comprehensive preventive services are essential, but they do not define Major Medical plans as their primary feature. Additionally, while some may perceive premiums to be low, Major medical insurance can often have higher premiums due to the extensive coverage provided. Lastly, most Major Medical plans include a deductible, which is a pre-set amount that policyholders must pay before the insurance coverage kicks in, further emphasizing the plan's purpose of providing significant financial support for substantial medical needs rather than eliminating out-of-pocket costs completely.