Americans are faced with a wide range of options when it comes to choosing a health insurance policy with each plan designed to meet the needs of families and individuals based on income and the amount of coverage required. However, even the most basic coverage can be out of reach for some families, particularly if they are out of work.
The economy today has resulted in thousands of people either cancelling their policy out of necessity, which is risky and could prove to be much more expensive in the long run, or reducing the premium to the absolute minimum. For anyone finding themselves in this situation a catastrophic insurance policy could be the answer, whilst paying for routine medical care might seem unneccesary it is minimal in comparison to the expense a serious accident or illness can entail. Here are a few of the benefits of having such a plan to protect you and your family.
Catastrophic health insurance plans are perfect if you want to keep your insurance premium as low as possible but require coverage for any treatment needed when it comes to significant medical issues.
You’ll hear this type also called high deductible insurance as you pay a higher than normal deductible than you would with a conventional insurance premium. With your insurer you agree to cover your own medical costs up to the deductible amount which could be anything from $250 to $2,000, in the event the deductible is reached the insurance company then covers the rest.
Deciding to switch to catastrophic coverage will result in much lower premiums, in some cases between 25 to 50 percent. However you’re then responsible for your own routine health care costs including visits to the doctors’ and any medication you might need, as you are contributing to the cost of your health care they can lower the cost of your premiums.
The final decision of which type of health plan to buy is all down to your personal needs and what fits in with you and your family’s lifestyle. As long as you look after yourself and get regular check-ups to ensure you stay in the best of health you’ll be more than happy with the low monthly premiums and the amount of money saved monthly can then be put aside until you have the deductible required.
What’s covered under a catastrophic health insurance policy depends on what you opt for, medical procedures that can help identify, evade or remove the possibility of a serious illness are commonly covered and often include x-rays, hospital visits, lab tests, surgery and intensive-care stays. Generally they don’t include anything routine such as doctors’ visits, prescriptions, medication, prenatal care and if you have a condition already they might not include this in a plan.
Different to conventional health insurance catastrophic plans offer an affordable means for families and individuals to protect themselves against any unexpected medical emergency. While it might not be the best option for everyone, for some it’s just what needed. As soon as you decide that this is the kind of insurance you want check out the various plans on the internet, there are all kinds of options available offering varying levels of coverage and accommodating everyone’s budget.
For anyone who works but doesn’t receive health insurance coverage from their employer, or if you simply feel you can’t afford the high premiums that standard plans require, then look online for qualified health insurance agents who can advice you on the best high deductible medical insurance plans to choose from.