Catastrophic health care plans are widely available, and other than some limitations on pre-existing conditions, almost everyone who can afford it can get a policy. These plans contain some differences, but most all of the major points are the same.
It is critical to recognize that catastrophic health insurance plans are divided into comprehensive plans and supplemental plans.
Comprehensive Catastrophic Health Insurance
These are high deductible health plans and are known for their affordability. The low monthly premium is made possible by the offsetting amounts. The policies are often tied into an HSA or Health Savings Account, because the need exists to put money aside to help cover the high deductible that you will face when making a claim. The HSA accounts are pre-tax accounts that allow a person to accumulate money that can be used expressly for health-related expenses.
Supplemental Catastrophic Health Insurance
Supplemental plans are designed to be an add-on to other health care plans that do not offer any type of catastrophic coverage. The advantage of these plans is that they are low cost because they do not include the other medical coverage that a comprehensive plan does. They are targeted and focused on specific catastrophic medical events. The people who like their existing plan but do not have catastrophic coverage are prime candidates for these supplemental programs.
The Best Plans
The best way to compare plans is to contact a consolidator of health insurance policies so that you can compare, side by side, the offerings of several companies.
In addition to your monthly premiums, you need to pay attention to the amount of the deductible, the co-pay and co-insurance costs. These make up the immediate costs of your health insurance plan. Then, you need to factor in any amount that you plan to put away for additional health care expenses whether you use an HSA or your own savings account.
Making a decision on what plan is best for you and your family will require you to take these points into consideration:
How much will your premiums, co-pays and coinsurance cost?
Can you choose your own doctors and hospitals?
Are your specific health conditions covered by the insurance plan that you are considering?
Are your current doctors in the plan?
Is your plan for an individual or a family?
What about pre-existing conditions? Are they covered and is there a waiting period for that coverage to start?
How reputable is the insurance company offering the plan?
Conclusion
If you take the above into consideration, you can make wise choices. Make sure you incorporate a healthful lifestyle into your daily routine as well. It will help keep your costs down, too.
Tags: , health care, high deductible, care plans, , Catastrophic Health, health care plans