What are Catastrophic Health Insurance Plans?

The catastrophic health insurance plan is a major kind of medical insurance plan which is speculative in nature.  Insuring under catastrophic health insurance coverage is not only cheap but it is also deductible.  The amount you pay out of your pocket prior to the insurance company meeting the balance amount payable to meet the medical expenses is called the deductible.

For example, if you have set your deductible amount at $5000 and the results of your hospital bill amount to $12000, then the amount payable by your insurance provider will only pay $7000 towards your bill with the balance to be met by you.

The larger the amount of your deductible, the lower the premium you have to pay.  This is speculative investment where you are gambling on the certainty of not falling seriously ill or you feel sure you will not need having to incur a major medical expenditure in the immediate future.  There are two distinct age groups of people avail the catastrophic health insurance coverage:  people in their 20’s who feel more confident of their health and older men between ages 50 and 65 because they are approaching retirement and would be eligible for Medicare.

Is the Catastrophic Health Insurance coverage for you?

This particular health plan is specifically intended to only offer cover against hospitalization expenses of a major nature like surgery, lab tests, hospital stays and X-rays.  Day to day medical expenses, pregnancy and maternity care, doctor’s visits or prescription drugs are not covered.  Likewise, substance abuse and mental health conditions too are excluded from cover.  You will need to undergo a screening to rule out any pre-existing medical conditions like cancer, heart ailments, diabetes or emphysema, as these too are not covered.

The catastrophic health insurance plan can be availed of as either an individual plan or on a group basis.  The highest limit for lifetime cover can be as high as $3 million.

Catastrophic Health Insurance Quotes

If you are not currently employed and also do not have health insurance or are employed but your employer does not provide health insurance for the employees, it would be wise on your part to buy a catastrophic health insurance plan.

For those who are healthy and have had no serious medical problems, purchasing the catastrophic coverage medical insurance coverage is the best option.  Do consult some reputed companies or agents to seek professional advice before taking the decision to select this cover. You can also get instant Catastrophic health insurance quotes online.

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