Final answer:
Major Medical insurance is the correct answer to the question and its purpose is to help cover high medical bills that other insurances do not pay for. It includes systems like Part B where individuals pay monthly fees, deductibles, and copayments. Policies can vary, with some having higher copays and others having higher premiums with lower copays.
Step-by-step explanation:
Major Medical insurance helps pay high bills not covered by other insurance. This kind of insurance plays a critical role in protecting individuals from the potentially astronomical costs associated with significant health issues and emergencies when other insurance may not cover all the expenses. Part B, for instance, is an optional insurance system which involves participants paying a monthly fee, deductibles, and copayments, as well as covering healthcare costs outside of hospital stays for various services.
Insurance companies offer policies with different copay and premium structures to cater to the diverse needs and risk profiles of consumers. A policy with a high copay might be offered to those who prefer paying lower monthly premiums but can afford to pay more out-of-pocket during a medical visit, whereas a policy with a high premium and lower copay may be suitable for customers who seek lower out-of-pocket costs when they access medical care.