Catastrophic Health Insurance Coverage
is it right for you?
Catastrophic health insurance plans have proven to be advantageous for many individuals and families. However, they are more beneficial for people who don't utilize their health insurance plans often. Here are some questions you should ask yourself before switching to a catastrophic health insurance plan.
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Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!
Are you, or anyone in your family, currently taking prescriptions?
If so, are they inexpensive or costly? If they are inexpensive generics and you can find them at a local pharmacy for a low price, you may be able to absorb the cost by yourself. However, you or someone in your family are on a medication that is expensive, the monthly cost of the medication may negate the monthly premium savings you would realize by moving to a catastrophic health insurance plan.
Do you or your family utilize your current health plan often?
If you don't, then it may be a smart idea to consider moving to a catastrophic health plan. However, if someone on your current plan goes to the doctor often, requires frequent tests, or has urgent care or hospital visits often, it may be better to have more comprehensive coverage at a higher price rather than move to a high deductible health plan with catastrophic only coverage.
Would you or your family benefit from a tax deduction?
A lot of catastrophic health insurance plans are HSA, or health savings account, compatible. This means that you can pay for a lot of your medical expenses pre-tax. If you are in a higher tax bracket, the extra savings could be enough to make catastrophic health insurance coverage a sweet deal. However, if your tax bracket is on the lower end, it may not be the main deciding factor.
Could you handle a major medical expense without serious negative effects?
The idea behind catastrophic coverage is to lower your premiums. In order to do that, you must be willing to raise your deductible and take on more medical risk up front. This means that the ability to pay for a major medical expense should be taken into consideration when deciding to move to a higher deductible catastrophic plan.
The Bottom Line
Evaluate your situation before making the move to a catastrophic health insurance plan. Depending on your answers to the questions above, moving to a catastrophic insurance plan may prove to be a valuable move.
Find out how much money you could be saving.
Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!
