Catastrophic Health Insurance Plans
Four steps to finding the optimum plan
There are many types of health insurance plans that can be categorized as catastrophic. It's important that you follow these four simple steps to find the optimum plan for you or your family.
Find out how much money you could save.
Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!
Take advantage of using a free, local, independent health insurance agent
A local agent is a free and valuable resource that you can use to assist you in your search for the right catastrophic health insurance plan. An agent can help you or your family determine which companies are financially reliable, cost effective, and provide quality plans. Normally, independent agents don't charge for their services. They get paid a commission by the insurance company if you end up applying through them.
Understand your maximum coinsurance exposure
Be sure you understand your maximum exposure before purchasing a new plan. Many catastrophic health insurance plans cover 100% of your expenses after you have met the deductible. However, there are plans that cover only 90%, 80%, or 70% of your expenses, leaving you with more possible out-of-pocket expenses than just your deductible amount. The percentage of expenses that you are responsible for after you have met the deductible is called your "co-insurance." You're "out-of-pocket maximum" is the most you will pay in one year in co-insurance expenses.
Understand your maximum deductible exposure
On top of knowing what your co-insurance percentage is, be sure you know how your deductible works. Some plans have a per person deductible, while others have a family deductible. For instance, if you choose a $3,000 deductible make sure you know whether it's a family deductible or if applies per person. If it applies per person, how many people must meet the deductible before your family deductible is satisfied? A $3,000 deductible can mean a $3,000 family deductible, but it can also mean a $6,000 or $9,000 family deductible, or higher.
Find a plan with tax advantages
Not all catastrophic plans have tax advantages. However, many catastrophic plans are "qualified" by the Internal Revenue Service to be used with a health savings account. Health savings accounts allow you or your family to pay for many of your medical expenses with pre-tax monies. You are also allowed to pay for many dental, vision, and other related expenses with funds from your health savings account.
When searching for a catastrophic health insurance plan for you or your family be sure you take advantage of your best for a resource; a local, independent agent. Also make sure you understand your maximum exposure and find a plan with tax advantages.
Find out how much money you could save.
Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!
