Catastrophic Health Insurance Plans
What is a catastrophic health insurance plan?
Catastrophic health insurance is a type of consumer driven health plan that primarily covers major medical expenses.
More about the coverage
Catastrophic health insurance plans were created to cover major medical expenses, but postpone coverage for office visits and prescriptions (until after the insured has met their medical deductible for the year). This type of plan was introduced as an option to keep quality health insurance coverage for major medical events, while significantly lowering the monthly plan cost.
Although most expenses are covered after the deductible, preventive care remains one expense that is covered 100% before the deductible - a benefit of health care reform. So why would anyone consider using a catastrophic health plan?
Get a catastrophic health insurance quote online instantly!
Or call 877-648-2539 between 8am and 7pm (central time) to speak with a licensed agent and get a quote!
Why should I use catastrophic health insurance?
Lower your insurance plan costs
The most common reason people purchase a catastrophic health insurance plan is to save money. The monthly cost for catastrophic plans is drastically lower than traditional health plans that most Americans are used to.
Better coverage after the deductible
Even though you’ll likely be giving up office visit and prescription coverage (until after your plan’s medical deductible has been met), many catastrophic health insurance plans offer 100% coverage after the deductible. This is a huge improvement over plans that require the insured to share costs by paying 20% or 30% of their medical expenses after they’ve met their deductible. With many of these plans, it's clear what your stop loss is for the year.
Claim more tax deductions
Another advantage of a catastrophic plan is, that by buying a qualified high deductible health plan, you can use pre-tax money from a health savings account to pay for your medical, dental, vision expenses and more!
Who should consider a catastrophic health insurance plan?
Who this solution is for
Catastrophic plans work best for individuals, families, and self-employed individuals that are relatively healthy, don't have chronic conditions or expensive prescriptions, and don't over-utilize their health benefits in a typical year.
Who this solution is not for
Catastrophic health insurance plans aren’t meant to cover normal everyday expenses like office visits and prescriptions. Although coverage is typically offered for these services, benefits are often paid after the deductible.
If you utilize your plan on a regular basis, have chronic health conditions, or expensive prescriptions, this is probably not be the right type of plan for you.
Where can I learn more about my options
Many companies offer catastrophic health insurance plans. Find out what options are available to you or your family by discussing your situation with a local health insurance agent.
When should I make the change?
If you or your family have met your medical deductible or have incurred medical expenses during the year, it might benefit you to wait until the next calendar year to switch to a catastrophic health insurance plan. In addition, if you’re using a qualified high deductible health plan, there may be tax benefits to making the switch at a certain time. Consider talking to a local health insurance agent, and possibly even a tax advisor before making the switch.
Get started
If you think that a consumer driven health plan may be the right fit for you or your family, or you'd like more information before making a decision, request a free catastrophic health insurance quote instantly online.
Or call 877-648-2539 between 8am and 7pm (central time) to speak with a licensed agent and get a quote!
Thank you for your interest in catastrophic health insurance plans!
