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Catastrophic Coverage

When it comes to medical insurance, all the experts agree that having something is better than nothing. Catastrophic Health Insurance, also known as major medical insurance is an affordable health insurance option that can protect your family and help pay your medical bills in the event of sudden illness or serious injury. Catastrophic medical plans come with high deductibles; as such they are not designed to pay for routine doctor's office visits, prescription drugs, maternity care, or non-life threatening trips to the emergency room.

Major Medical or Catastrophic Health Insurance is specially designed to protect you from financial ruin. One of the most often cited reasons for bankruptcies in this country are high medical bills. Catastrophic health insurance can help you reduce the cost of medical procedures such as hospital stays, surgeries, intensive care, diagnostics, and other costly hospital fees associated with unexpected serious illness or traumatic injury.

How does Major medical insurance work?

Major medical is very affordable health insurance. Catastrophic Health Insurance plans have low monthly premiums because they have high deductibles. The deductible is the amount you have to pay out of pocket before the insurance company starts to pay for the rest of your medical expenses. For example, if you have a Catastrophic Health Care Insurance with a deductible of $2500.00, you need to pay that amount in medical bills in one year, before the insurance kicks in.

Major Medical plans are also sometimes referred to as Consumer Driven High Deductible Health Plans or CDHPs. This is because you can usually couple such plans with a tax-deferred Health Savings Account, or HSA. Opening an HSA allows you to pay for your deductible and non-covered medical expenses with pre-tax dollars.

Even if you don't use an HSA, it's smart to set aside some money each month to pay for future medical expenses that you may incur. Either way, if you never need the money, it's a bonus in savings.

Is a Catastrophic Health Plan right for me?

If you do not have any medical coverage at all, but your budget is limited, and if you are in relatively good health and do not spend a lot of money on medical bills, a Catastrophic Health Insurance plan is probably a good idea for you. You may also be interested in a major medical insurance plan if you are close to retirement and without other insurance until you qualify for Medicare at age 65. However, do keep in mind that depending on the carrier you choose, pre-existing medical conditions and other exceptions may be excluded from coverage.

Considerations before purchasing Catastrophic Health Care Insurance
Comparing carriers

When shopping for a major medical health plan keep in mind the deductible amount you feel you can pay, the services you want covered and the overall health of yourself and your family. We always recommend comparing health insurance providers who offer high deductible health plans; and online is a great place to shop for affordable catastrophic health insurance. By knowing your options and comparing major medical plans in terms of rates and options offered by different health insurance companies, you can find the policy that is right for you. Once you receive a free online quote, if you have any further question, contact a licensed insurance agent.

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