Catastrophic Health Insurance

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While it is sometimes preferable to obtain health insurance through an employer or a group plan, some people don’t have insurance. If you don’t have insurance, you can still obtain a basic insurance plan that provides coverage for major injuries or illnesses. This type of plan is sometimes called catastrophic health insurance and may also be called major medical insurance. The main purpose of this type of insurance is to help you pay the high costs of catastrophic events that could otherwise leave you struggling financially. Catastrophic health plans might have lower premiums than other types of policies but have higher deductibles.

What is Included in Catastrophic Health Insurance Plans?

There are a number of things that a catastrophic health plan may include. Some of these are:

    • Basic essential medical needs such as emergency services, ambulatory care, pregnancy and newborn care, prescription medications, pediatric treatment, lab services, rehabilitative care, and preventative care.
    • Ongoing additional care such as birth control
    • Wellness care that includes immunizations, exams and regular screening tests
    • Dental coverage
    • Vision coverage

Catastrophic health plans vary from company to company and by state. You may be able to obtain a policy that includes the specific needs of you and your family. In many instances, you will have three visits with a primary care physician before you fulfill your deductible, so you will have some out-of-pocket costs up front.

Who Should Consider Catastrophic Health Insurance?

A catastrophic health insurance plan is ideal for anyone who can’t afford traditional health insurance but wants to make sure they are protected for emergency medical care. It is important to keep in mind that with this type of policy you will typically need to pay for minor health expenses out-of-pocket. If you are generally healthy and don’t have any major medical problems that require you to visit the doctor on a regular basis, this type of plan may be sufficient for your current needs. There are restrictions on catastrophic insurance plans based on the ACA. You must be under the age of 30 or have an economic hardship exemption to qualify.

Those who have a  high deductible health plan (HDHP) through their employer may be able to supplement with a catastrophic plan. In these cases, you can use a health savings account (HSA) to purchase healthcare services. A health savings account allows you to put aside pre-tax money that you can use to pay for doctor co-pays and deductibles. Keep in mind that you can’t apply ACA subsidiary payments towards the purchase of a catastrophic plan.  

A catastrophic health plan may be right for you if you don’t have any other insurance and want to make sure that you have protection in case of an unexpected major injury or illness. You can only purchase this type of policy during the open enrollment period or during a special period if you meet the criteria. A catastrophic health plan isn’t right for everyone. We are happy to assist you in finding the health insurance policy that best fits your needs and your budget. Contact Fast Health Quotes online or by phone at (855) 244-9579 for a personal insurance quote.