Describe the pros and cons of major medical insurance

What will be an ideal response?

Answer: Major medical covers medical costs beyond those covered by basic health insurance. It offsets the financial effects of a catastrophic illness or injury. It takes over where basic health insurance leaves off. Most plans cover a lifetime cap large enough for most needs.

This type of plan does not provide complete coverage. There is a deductible and a co-payment provision. The lifetime cap of $250,000 limits the coverage for more costly bills. Consider an add-on policy that provides protection of up to at least $1 million.