Major medical health insurance is often referred to as a “catastrophic” health care plan. The majority of major medical health plans cover expenses for hospital stays, surgery, intensive care, diagnostic X-rays and lab tests.
This kind of international health care coverage is great for people who qualify for Medicare in the U.S., but need something in case of a medical emergency while retiring abroad.
Mexico on my Mind and their sister site, American Insurance for Expats, offers international major medical health care coverage, if you live outside your home country for 6 months a year or longer.
The lifetime maximum limit for each individual is $5,000,000.00 – $8,000,000.00. Treatment outside the U.S. and Canada is subject to deductible, no co-insurance. Treatment inside the U.S. is subject to deductible with while paying 80% of the next $5,000 of eligible expenses, then 100% to the overall maximum per period of coverage.
Deductible’s range from $250 to $10,000 and if your major medical plan qualifies under IRS definitions as a high-deductible health plan, you can open a health savings account (HSA), in which you can put aside money, tax-deferred, to pay for medical expenses.
Do you fit the profile?
People who purchase major medical plans are primarily concerned with potential financial losses from a critical illness or accident. Doctor visits and prescription drugs are often so much less expensive in Mexico, that paying for those out of pocket is not the concern. The concern is a critical illness or accident that could potentially drain a savings account or credit card.
Pre-existing conditions have made it difficult for people to become eligible for a major medical health insurance plan in the past, however, you may still qualify for coverage with an exclusion in regards to a pre-existing condition if you have one.
Before you buy a major medical health insurance plan, consider:
- Doctor visits are much less expensive in Mexico
- Prescription drugs are often much less expensive
- Dental care is much less expensive