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Catastrophic Health Insurance – Advantages & Disadvantages

catastrophic health insurance

If you are looking for insurance with monthly rates that are really low, then Catastrophic Health Insurance is the answer. This type of insurance is considered by many people as the solution considering rising cost of health care as this matter can bring someone into bankruptcy. Indeed, medical care has been the most issue anyone faces.

Definition

Catastrophic Health Insurance’s health plan has a high deductible to pay. It also has rates that are very low to pay monthly. One of the reasons why the deductibles in this insurance type are so high is that because the government does not subsidize this health insurance. This way, you will be liable for a couple of dollars to pay the expenses before you get the insurance coverage facility, and start paying the care.

Costs

The greatest advantage we can gain from Catastrophic Health Insurance is the low cost we pay each month. Therefore, this insurance suits nicely with such people who have low income and those who are likely not qualified for any program provided by government like Medicaid for instance. But, there is always disadvantages, for instance you may pay an expensive cost for the basic treatment. And if you use regular drugs from prescription, or if you demand medical care that is not common or minor type, you will pay the full cost for those treatments because the deductible is never achieved within the certain period of year.

Coverage

The coverage you can get from Catastrophic Health Insurance is in wide range options. You will be covered for any expenses of doctor visits, hospital stays, x-ray, as long as you pay the required deductible. Therefore this type of insurance is better in its feature compared to community clinic. However, this insurance does not actually provide coverage for everything. It usually does not cover maternity and mental health care.

Eligibility

If you currently already have a sickness like diabetes, cancer, or mental health illness, the Catastrophic Health Insurance may not consider you eligible for its health policy. This is to keep its coverage rates low, and it means that there is no minimal coverage to anyone.

Age Considerations

Your age and current health condition determines whether Catastrophic Health Insurance will approve your application or not. Simply, younger people will be approved easier, moreover if those young people’s employer offers insufficient plans, or no medical plans at all, because this way the insurance consider them that they don’t regular treatment. Meanwhile, those who are in middle age, and demand regular medical check and any required tests need such insurance that offer cheaper deductible. And for those who are in healthy condition, retired, yet the age doesn’t meet the requirement yet to get the benefit from government’s program like Medicare may find Catastrophic Health Insurance as good one to provide any required coverage.