Catastrophic health insurance is a safety net for major
emergencies and medical issues that are unforeseen and potentially debilitating
to the medical and financial aspects of your life.
Catastrophic health insurance is a fee-for-service plan of
health insurance that is designed to protect you and your family against the
worst imaginable events, like emergency sicknesses and injuries. It is
sometimes called a High Deductible Health Plan, since the
plan's low monthly premiums are partnered with a higher deductible when used.
That means that with catastrophic health insurance, routine
doctor's visits and prescriptions are more expensive but the monthly premiums
of the plan are generally less expensive. The plan, then, is ideal for people
who are typically young, very healthy, and don't usually have the need for
extensive medical coverage. On the other hand, for older people who have a
variety of daily health issues and medications to deal with, catastrophic
health insurance may be more costly in the long run.
With catastrophic health insurance, you effectively pay for
what you need, rather than paying money for what you might need. With this
plan, you pay the same percentage of the total visit fee once you meet the
deductible, regardless of the specialist or general practitioner you are
seeing.
Two Basic Types
There are two basic types of catastrophic health insurance:
comprehensive and supplemental. A comprehensive plan is more closely related to
traditional health care plans; however, with a high deductible and low monthly
fees. With comprehensive plans, you may be covered for emergency services like
a trip to the emergency room, a ride in an ambulance, and other events.
A supplemental plan, on the other hand, is just what its
name suggests - supplemental. It is designed to be a supplement to any other
health insurance plans you may have, and cover equipment or services like
nursing care, psychiatric care, or even medical appliances in certain cases.
With both types of catastrophic coverage, once your
deductible is met, the insurance company kicks in and covers major medical
expenses and events like hospital stays, surgeries, intensive care
requirements, medical visits, and laboratory tests. As with other health
insurance plans, elective procedures like weight loss surgery or cosmetic
dentistry are not covered by catastrophic health insurance plans.
Catastrophic health insurance is surely not for everyone. A
quality catastrophic health insurance plan can give piece of mind and great
safety and security to you, your family, and your loved ones when it comes to
health care.
Related Post:
What is Catastrophic Health Insurance?
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