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
Related Post:
High Deductible Catastrophic Health Insurance Plan
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