Many Americans live day to day without health insurance. And while the cost of routine medical care won’t ruin most of us financially, the expense of a catastrophic illness certainly could.
If you’re looking for low insurance premiums but want coverage that picks up the tab when it comes to major medical concerns, a catastrophic health insurance policy might be just what you need. Read on for more information about this cost-saving health insurance strategy.
Take Charge of Your Health
Also known as “high deductible” or “major medical” insurance, catastrophic health insurance is designed to protect you from ruinous medical costs while encouraging you to shop wisely for routine health care.
Here’s how it works:
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You choose a higher-than-normal deductible, usually between $250 and $2,000, depending on your insurer.
Once you spend up to your deductible, your insurance company covers 100 percent of your medical costs (with certain restrictions).
As you can see, catastrophic health insurance leaves the choice in your hands. You make the choices that fit you and/or your family best; your insurance company rewards you for taking on a measure of additional financial risk.
It’s just that simple!
A Money-Saving Choice
Choosing a catastrophic health insurance plan can drop your premiums significantly: as much as 25 to 50 percent.
How? By agreeing to cover the expense of your own routine health care costs, like doctors’ visits, medications and such, you lessen the financial impact to your insurer, and that, in turn, lowers the cost of your health care.
Meanwhile, you’re empowered to live a healthy life, take care of yourself and seek treatment only when necessary, cutting avoidable expenses from your budget, and who among us can’t afford to do a little more of that?
Serious Coverage
So what is covered under a catastrophic health insurance policy?
Depending on the policy you choose, medical procedures that can help diagnose, avoid or eliminate catastrophic illness are generally covered. This includes medical processes such as x-rays, hospital visits, lab tests, surgery and intensive-care stays, to name just a few.
And what isn’t covered? Usually, more routine events such as doctors’ visits, medications, prenatal care and some preexisting conditions are excluded from catastrophic health insurance plans.
Keep in mind there are always exceptions. So if your employer doesn’t offer health insurance coverage or you don’t want to pay for health coverage you really don’t need, speak with a qualified health insurance agent. There are many high-deductible plans to choose from, and it certainly never hurts to know your options!
Shopping Tips for the Novice
Before you buy a catastrophic health insurance plan, reflect on these questions, while comparing policies, to help you decide if this type of protection is well-suited to your and/or your family’s needs:
- How much is the deductible?
- How much are the premiums (payable monthly, quarterly or yearly)?
- Are these calculations in line with my/my family’s budget?
- How much coverage do I/we really need?
- Can I/we afford to cover my/our own doctors’ visits and prescriptions?
- Do I/we have any preexisting conditions requiring frequent medical visits or treatments?
- Am I/are we a generally healthy individual/family?
- What is the lifetime annual benefit (the yearly limit your insurer will cover)? Will this meet my/our needs?
Shop Your Rates!
Don’t let the sometimes unsettling cost of health insurance leave you unprotected. Consider a catastrophic health insurance plan, shop your rates, and lower your premiums.
It’s a great way to save on health insurance, without sacrificing essential coverage!
Including all 50 States:
Alabama AL, Alaska AK, Arizona AZ, Arkansas AR, California CA, Colorado CO, Connecticut CT, Delaware DE, District of Columbia DC, Florida FL, Georgia GA, Hawaii H, Idaho ID, Illinois IL, Indiana IN, Iowa IA, Kansas KS, Kentucky KY
Louisiana LA, Maine ME, Maryland MD, Massachusetts MA, Michigan MI, Minnesota MN, Mississippi MS, Missouri MO, Montana MT. Nebraska NE, Nevada NV, New Hampshire NH, New Jersey NJ, New Mexico NM, New York NY, North Carolina NC, North Dakota ND
Ohio OH, Oklahoma OK, Oregon OR, Pennsylvania PA, Rhode Island RI, South Carolina, South Dakota, Tennessee TN, Texas TX, Utah UT, Vermont VT, Virginia VA, Washington WA, West Virginia WV, Wisconsin WI, and Wyoming WY
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