Question: What are Catastrophic Health Insurance Plans?
Answer: Also called as a high deductible health plan or a major medical coverage. This is basically a type of insurance that had very high deductibles and lower premiums. They are, in general, more affordable. The fact that the deductibles are so high, the risk on the insurance company is very low. This health plan is often paired with a Health Savings Account.
Health Saving Account
Question: What is a Health Saving Account?
Answer: This is an account created by the federal government in order to help out people and get them a better chance at affordable health coverage. If you are qualified for this, you will be able to get lower premiums and save on taxes too. It provides a way to save money for your medical expenses without being worried about a forfeit rule.
Question: What do Catastrophic Health Insurance Plans Cover?
Answer: This insurance plan is able to pay for your medical expenses and hospital expenses but not for your check ups, medications or maternal expenses. They are also able to cover for surgeries, ICU hospitalizations, other examinations and tests that you have to undergo and hospital stays.
Question: Is This The Best Option?
Answer: It is the cheapest of all insurance plans. The deductible are very high. But they do have a maximum lifetime benefit or a cap as to how much you can get in health benefits. This amount ranges from a million to 3 million dollars. If you reach your cap, they will no longer be able to offer you any further benefits.
Question: Do the Catastrophic Health Insurance Plans Cater to Pre-Existing Conditions?
Answer: no, they do. If you have pre-existing conditions like heart disease, AIDS, emphysema or diabetes, you will not be able to get this plan. You may not even be able to get an insurance plan from private companies. Or if you do, it wouldnít be a very good plan. our best bet would then be the PCIP (Pre-Existing Condition Insurance Plan). They will be able to offer you coverage on your medical expenses even if you have a pre-existing condition.
Question: Is This The Best Option For Me?
Answer: It is the best option for most. You should, however, bear in mind that not all Catastrophic Health Insurance Plans are qualified for HSA (Health Savings Account). Also, like other types of health plans, Catastrophic Health Insurance Plans vary in terms of coverage and pricing. With this in mind, you still have to research and compare before making a decision. Since your health and a whole lot of your money could be at risk here, you really need to be able to make an educated decision. One that will be in your best interest.
Question: How Do I Compare Catastrophic Health Insurance Plans?
Answer: Fortunately, there are tools online that you can take advantage of to make your comparisons easier. Just find sites online with these comparison tools for health plans and you can go ahead and compare he details of each insurance plan. Be meticulous and detailed when you do this to ensure you get the best available coverage.