Celtic's Major Medical Plan Designed for Cost-Conscious.Chicago-based Celtic Insurance Co. has launched a low-cost major medical plan, The CelticSaver PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there Plan, for the self-employed or those without insurance coverage. Available to consumers from 18 to 64 1/2 years old, the product offers a choice of deductibles and coinsurance A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured. levels, and it has a copay co·pay n. A copayment. system for nonpreventive office visits to a network provider and discounts at network hospitals. Policies are individually underwritten. If consumers choose a deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). of $1,000, $2,500 or $5,000, they can receive 80/20 coinsurance for the next $10,000. With a deductible of $10,000, policyholders receive 100% coverage after the deductible. The product protects against catastrophic illnesses catastrophic illness A morbid condition that results in health care costs that exceed a person's income, or which compromise financial independence, reducing him/her to subsistence or near-poverty levels; CIs are usually life-threatening and may leave significant with a lifetime maximum of $2 million of coverage. For nonpreventive care from a network provider, there is a $50 copay. A special card offers 15% savings for prescriptions at more than 40,000 pharmacies. At the time it was introduced, the product was available in 22 states. |
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