Do You Fit The Profile?
On the average, people who buy catastrophic health plans are either in their 20's, or between the ages of 50 to 65. Young adults tend to buy the coverage if they are self-employed or don't get coverage through work. On the other end of the spectrum, older adults purchase a catastrophic health insurance plan when they are concerned with financial losses in the event of a heart attack, cancer or other serious illness. They tend to be healthier, on few or no prescription medicines, and are more concerned with saving on their premiums, and would rather pay out-of-pocket for doctor's visits.
High deductible health insurance can be purchased either as a single plan or through an employer in a group plan. If you have certain pre-existing conditions, you often won't be eligible for a catastrophic health plan. Examples of such conditions are AIDS, diabetes, emphysema, heart disease, multiple sclerosis, schizophrenia, and many more.
What Does It Cover?
The types of coverage vary depending on what type of high-deductible health insurance plan you choose. Blue Cross Blue Shield of Florida offers a catastrophic health insurance plan in most counties that is called "Essential." It has deductible of $250 and an out-of-pocket limit of $2,500 after you've exceeded your deductible. The lifetime maximum is $1 million. The plan covers hospital, surgical, and X-ray expenses, but not other services, like doctor's visits, maternity care, prescription drugs, and mental health visits. An online quote showed that the monthly premium for a 21-year old, nonsmoking female to be $29.
A similar plan to Florida's Essential health plan is offered by Golden Rule Insurance Co. Its "Basic Plan" offers a high deductible health insurance plan, with deductible prices ranging from $500-$5000. It covers the same elements that the Essential plan does, but mental health and substance abuse are not covered. The Basic Plan does, however, cover hospital and surgical expenses, MRIs, CAT scans, and more, as well as having a lifetime maximum of $3 million.
Before buying a catastrophic health insurance plan, consider:
* What is the cost of the premium per month, quarter, and year?
* What is the cost of the deductible and how much can you afford?
* How extensive do you want the coverage to be?
* Do you require prescription medications?
* Can you afford to pay for doctor visits out-of-pocket?
* Do you have any pre-existing conditions?
* Do you get sick often?
* What is the lifetime annual benefit?
If you are interested in getting a health insurance coverage quote, log on to Insurance.com. Here you will be able to evaluate multiple rates from best-in-class health insurance providers - helping find the best health insurance coverage for you.