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What is Catastrophic Health Insurance Coverage?
Catastrophic health insurance is coverage that protects the insured against large, or catastrophic, medical expenses.
Most true health insurance plans provide catastrophic health insurance coverage. Whether or not your medical deductible is waived for office visits and prescriptions, most plans will cover catastrophic expenses up to between $1,000,000 and $25,000,000.
Catastrophic Health Insurance Plans
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True "Catastrophic Only" Health Insurance Coverage
When people nowadays talk about a catastrophic health insurance plan, they are usually referring to a plan that doesn't cover office visits and prescriptions before the deductible. This type of plan leaves the insured to pay for those everyday expenses. This lowers health insurance premiums because the insurance company is paying out less claims, while empowering the insured to take control of their own healthcare, live a healthier lifestyle, and seek medical care only when necessary.
As mentioned above, most of these plans have a $1,000,000 to $25,000,000 lifetime maximum benefit. They normally carry a high deductible (between $1,500 and $10,000 per person, per year). This means that anything under your deductible amount, the insured pays for in full (with the occasional exception of annual physicals). Once the deductible is reached, most plans will cover between 80% and 100% of the remaining covered costs.
Advantages of a Catastrophic Health Insurance Plan
The advantage to a catastrophic health insurance plan with little everyday coverage, is that the price decreases dramatically in most cases. Also, the insurance company may be willing to accept health conditions they normally turn away during the application process.
Cost and Purchasing a Plan
Where do I Purchase Catastrophic Health Insurance Coverage?
To receive a catastrophic health insurance quote from an agent in your local area, who knows the different plan options, request a quote from Assurant Health.
Plan Cost and Premiums
Because the cost of health insurance has gone up each year and the prices are unattractive to some people, plans that don't offer extra benefits like office visit and prescription coverage, before the deductible, are becoming more and more popular. More insured's are taking on the cost of the every day risk, such as doctors office visits, prescriptions, and minor accidents. In return their monthly health insurance premiums are lower.
Other Information
Catastrophic Health Insurance and How it Relates to Health Savings Accounts and High Deductible Health Plans
There are many qualified high deductible health plans that qualify to be used with a health savings account. These accounts are controlled and owned by the insured. The advantage is that you can deposit pre-tax monies in your HSA account and pay for health, vision, dental and other expenses tax free. In addition to low premiums, you receive more tax deductions. For more information click health savings account.
In Conclusion
The bottom line is, that with health insurance costs increasing at the rate they are (about 12% per year), catastrophic health insurance coverage provides a less expensive option for families looking to drastically open up their budget by taking on the everyday expenses of their own healthcare.
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