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Catastrophic Coverage – What Is It?

June 2, 2011 | Author: | Posted in Insurance

For those that need health insurance but have limited funds to pay for coverage, a catastrophic coverage insurance policy may be an option. Be sure to research and review both the pros and cons of having a catastrophic insurance plan. But, even the most minimal insurance plan can be expensive, especially during an economic slump.There are many types of health insurance programs and policies for Americans to choose from. Each insurance program provides a wide variety of plans to meet the needs of families and individuals, with various income levels and coverage levels.

Make sure that you discuss all of your questions and concerns with your insurance provider so that you can make a well educated decision on caring for you and your family. It is very important to weigh all of your options and understand what you are buying before you sign on the dotted line. If your family has a history of heart attacks, you are self employed, you have a low income, or you are simply a healthy adult catastrophic coverage might be an option for you.

This set-up makes catastrophic insurance plans appealing, especially to healthy people with a limited income. So, a regular doctor’s visit and prescription medication prices are higher than other private insurance programs, but the monthly premiums are a lot cheaper and much more affordable. The low monthly premiums are a trade off for a larger deductible. Catastrophic coverage health insurance is geared towards healthy individuals and families that do not typically incur high medical costs but will be covered if a major medical situation arises.

Like most other insurance plans, elective medical procedures are not covered. Supplemental catastrophic insurance is just what it sounds like, a supplement to use in conjunction with another insurance plan. Supplemental plans may include nursing care, psychiatric care, and medical appliances. The good thing about a comprehensive plan is that emergency services are covered, such as a ride in an ambulance and a visit to the Emergency room. Once the deductible is met, the insurance company will cover most of the medical expenses incurred, such as lab tests, hospital stays, intensive care, and surgeries. There are two types of catastrophic coverage plans available, supplemental and comprehensive. Comprehensive plans are similar to traditional health care insurance plans, but have the lower monthly fees and higher deductibles that catastrophic insurance is known for.

The ideal candidate for catastrophic coverage is a healthy individual with little to no prescriptions and does not go to the doctor regularly. Older people use catastrophic insurance to limit their financial liability in the event of a serious medical situation, like a heart attack or stroke. It may also work well for older adults that qualify for traditional health insurance, but cannot afford it. Not everyone will benefit from catastrophic coverage insurance, but it works well for those that do. It is popular with people that have jobs that do not provide health plans to its employees, those that are self-employed, healthy adults that have low medical needs, and lower income individuals and families.

Sean L Johnson is a journalist for Health Insurance Buyer a referral service that connects consumers to the insurance carriers that can best fit their wants or special needs. Click on link to obtain your free instant quotes from all top rated Major Medical Carriers

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