LYCOS RETRIEVER 
Major Medical Insurance: Coverage
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Major medical insurance includes coverage for all types of medical care one might need while abroad. Different policies have different levels of coverage. Institutions should include information about the insurance coverage available for study abroad and whether such insurance is required or recommended. Students need to be aware of their limits of coverage (pre-existing conditions, deductions, payment by reimbursement, no dental, etc.). A campus risk manager or insurance coordinator can assist in developing policies and guidelines for insurance tailored to students studying abroad.
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The United States Life’s Group Catastrophe Major Medical Plan is a NYSUT Member Benefits Trust (Member Benefits)-endorsed program. Member Benefits has an expense reimbursement/endorsement arrangement of 2.9% of earned premiums for this program. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them.The Insurer pools the premiums ofMember Benefits participants who are insured for the purposes of determining premium rates and accounting. Coverage outside of this plan may have rates and terms that are not the same as those obtainablethrough Member Benefits. The Insurer or Member Benefits may hold premium reserves that may be used to offset rate increases and/or fundsuch other expenses related to the plan as determined appropriate by Member Benefits. Member Benefits acts as your advocate; please contact Member Benefits at (800) 626-8101 if you experience a problem with any endorsed program.
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Catastrophic major medical insurance can be very important for people who are in a major accident or develop a major illness. This coverage, in addition to normal health coverage, does not cover all expenses. It is very important for consumers to read all the terms of service when shopping around for catastrophic medical insurance. Before even starting the hunt for such coverage, consumers need to have a full understanding of what their regular medical coverage will cover. This will help them determine where the 'holes' are in the regular coverage. These 'holes' should be covered with catastrophic major medical insurance.
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Individual Major Medical coverage is an insurance policy issued directly to an individual. It provides coverage for hospitalizations, physician visits, medical services and supplies, and may cover other items such as prescription drugs. Individual major medical coverage usually provides less extensive benefits than a group policy and is generally more expensive.
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Major medical insurance providers have a variety of plans and options to consider. If you do not have medical insurance, you will need to apply for individual coverage. The exception to this is if you have been covered by a group policy and are changing to another group coverage. If you make the change within the allowed time, you only have to supply a certificate of proof.
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[One] important feature of major medical coverage is the concept of coinsurance, which is the sharing between the insurance company and the insured of any covered expenses that exceed the deductible amount. (In some regions, this is ... known as percentage participation.) The insurer always carries the bulk of these expenses, usually paying 80% while the insured is responsible for the remaining 20%. Other proportions (as stipulated in the particular policy) may also be used, such as 75/25. Coinsurance works in this manner: Ms. C's major medical policy has a $200 deductible and 80/20 coinsurance. She incurs covered medical expenses totaling $1,200. Ms. C must first pay the $200 deductible.
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