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The Basics
What are catastrophic health insurance plans?
Catastrophic health plans are plans that cover the insured against large, major medical expenses.
What kind of coverage is it?
Most quality health insurance programs provide catastrophic coverage. Your may plan may or may not cover office visits and prescriptions before the deductible, but most plans will cover major medical/catastrophic expenses up to $1,000,000 to $25,000,000 over a person's lifetime.
Advantages & Disadvantages
The Price Advantage
The biggest advantage is, that for someone who doesn't utilize their plan often and is relatively healthy, the premiums or monthly cost for these types of plans can be drastically lower than the "bells and whistle" plans that most of us enjoy.
Valuable Tax Benefits
Another advantage is, that by buying a qualified high deductible health plan the insured can use money from a health savings account that they own, to pay for their medical expenses pre-tax.
One Big Benefit Advantage
Even though you may be giving up your bell's and whistles, many catastrophic health insurance plans offer 100% coverage after the deductible. No more sharing costs at 80%/20% or 70%/30%. With many of these plans, it's clear what your stop loss is for the year.
A Disadvantage
The main disadvantage is that the normal everyday expenses, like office visits and prescriptions, are typically covered after you meet the deductible. If you utilize your plan on a regular basis, this may not be the right type of plan for you. Some plans do, however, cover preventive care before you meet the deductible, which is a valuable benefit to have.
Comparing Plans
If you think that a catastrophic health insurance plan may be the right fit for you or your family, request a quote online by clicking here.
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