High Deductible Catastrophic Health Insurance Plan

Catastrophic health insurance plans are designed to give you that emergency safety net that protects you, your family, and your finances from that one major unexpected medical event, injury, or illness. These health insurance plans cover both individuals and families. They are designed to provide coverage for hospitalization for serious medical issues and ailments as opposed to general, daily coverage with doctor’s visits and stops at the dentist's office.

These plans are also referred to as high deductible health insurance plans, or even hospital-only or short-term health insurance plans. This reflects the fact that catastrophic health insurance plans come with low monthly payments and higher deductibles. Catastrophic plans may not provide coverage for basic services like prescription drugs, checkups, or doctor's visits in favor of focusing on hospital visits, emergency room stays, and other unforeseen health-related circumstances and events.

High deductible health insurance plans limit medical expenses in case of a medical emergency, and greatly reduce monthly premium payments for those in need. Besides a higher deductible, most plans have higher out-of-pocket costs for a variety of covered medical services. For those who rarely use medical care or have need for doctors, the plan may be the best choice.

For people who are relatively healthy, young, or who expect to have employer-based health insurance in the next calendar year, a high deductible catastrophic health insurance plan may be a perfect fit. Of course, you will want to save up the money to be able to pay the deductible should an emergency occur.

High deductible health insurance plans may be a great fit for you if:

·         You have no pre-existing medical conditions or history

·         You’re not on prescription medication of any sort

·         You rarely see the doctor

·         You are unable to afford more robust coverage in your current financial state

·         You’re unable to afford the higher monthly premiums of a basic health insurance plan

It's important to weigh the differences in coverage and cost when evaluating whether a high deductible catastrophic health insurance plan is right for you. They are designed to ease the monthly payments of a policyholder, yet they payments must be made up in the deductible should an emergency take place. Using them for their intended use - as a safety net from the worst emergencies that could arise - is the ideal way to protect you and your family when it comes to health coverage. 

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High Deductible Catastrophic Health Insurance Plan