Catastrophic Coverage
Catastrophic health insurance carries a high deductible and a low premium. It is designed for patients who are generally healthy and don’t necessarily need to visit their physician regularly. The plan usually does not cover regular doctor visits (check ups, etc.) but it does provide major hospital and medical expenses coverage. If you are in good health and simply want to be covered in case of a major illness or accident, then a catastrophic health plan might be the best option for you.
Catastrophic health plans usually cover hospital stays, x-rays, and surgical expenses, but do not normally cover mental health care or maternity care.
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Do I Need a Catastrophic Health Insurance Policy?
Most people who purchase catastrophic health insurance are either in their twenties or between the ages of 50 and 65.
If you are a self-employed young adult, or employed without sufficient benefits, you may want to consider catastrophic health coverage in order to protect yourself against the financial difficulties that can ensue following a major health crisis.
If you are between the ages of 50 and 65, purchasing catastrophic health insurance can be a smart form of financial protection should you develop an illness such as cancer or heart disease. However, if you are beginning to develop health problems and need to see a physician on a regular basis, then catastrophic health coverage may not be for you.
Am I Ineligible for Catastrophic Health Insurance?
If you have a pre-existing condition such as AIDS, diabetes, heart disease, or cancer, then you are not eligible for catastrophic health insurance.
What Will a Catastrophic Health Insurance Policy Cost?
Catastrophic health insurance offers very low premiums in compared to other health insurance plans, however, deductibles are high (beginning at $500). Should you need hospitalization, your high deductible may end up costing you more than you saved by having lower premiums. If you choose a catastrophic health insurance plan, you should make sure that you have savings set aside to cover your deductible amount in case of emergency.
Many catastrophic health insurance policies also have a lifetime payment cap of $1 million to $3 million. With a lifetime payment cap, after you have spent $1 million on your medical services, similar services will be covered under your policy.
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Are There Other Options Besides Catastrophic Health Insurance?
If you are not sure if a catastrophic health plan is exactly what you are looking for, you may want to consider other high deductible, low premium plans.
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