The average American may tune in to C-SPAN or open the newspaper to find out what’s going on regarding health care across the nation, but that’s ultimately not what they’re most interested in. Every family has its own unique health care challenges. Some may have a good health insurance policy and a good employer and poor health, while others may have good health but little income to afford a good insurance policy. Just because your health is good today doesn’t mean that all that can change in a day. Ultimately, most financial advisors would strongly suggest that you purchase a health insurance policy. You may not be able to afford an expensive plan with all of the bells and whistles, but most can at least afford a catastrophic health insurance plan.
We’ve heard the criticism about insurance companies many times - they take your money every month, but then it’s hard to get anything from them when you file a claim. If you have a catastrophic health insurance plan, you may feel this way. Some plans have annual deductibles as high as $10,000. So if you incur an expense of $2,000 - which is nothing to sneeze at - you may feel neglected because your insurance company won’t reimburse you. However, it does protect you against the major medical calamities that can strike even the healthiest people at any time. In many ways, health care costs are rising quickly, and even a couple days in a hospital could cost tens of thousands of dollars.
If you’re young and likely to maintain good health for the years to come, then a catastrophic plan could be a good option for you. If you’re a young multi-millionaire, then it may be better just to pay for a higher plan to protect your assets. None of us have a crystal ball, and none of us can know what the future will hold. However, we can track the statistics and consider what demographic we’re in. Older people who are not quite ready to enter the Medicare program but still have a healthy lifestyle and no preexisting medical conditions may also want to consider this plan. However, if they’ve been in their career for a long time and can afford to buy a better policy, then they may want to consider buying that.
Catastrophic health insurance is often not recommended for older people or for people with health problems. In an effort to save costs, you may end up paying more in the long run. If you’re certain to pay for a lot of medical expenses out of pocket, then you’d better keep yourself safe and pay higher premiums.
A non-smoking, single, healthy young person with a relatively high deductible could find a catastrophic health insurance quote for as low as $30 per month. Deductibles usually start at $250 and go up from there. Once the deductible has been met, most policies will often cover 80% of all medical bills up to a set maximum out-of-pocket expense such as $5,000. Also, major medical policies only cover up to $1 to $3 million dollars before reaching a cap, or the maximum cost allowed by the program. What the wise shopper needs to remember is that his premium is in inverse proportion to his deductible and coverage. Therefore, anybody that lives by a budget would do well to put aside as much money for medical expenses as a person with a private comprehensive health care plan until he has enough money saved up to pay for occasional doctor visits, prescription medicines, the deductible and a good portion of his maximum out-of-pocket expense.
A responsible insurance agent will help you compare the costs and benefits of the different policies available. The insurance company will also conduct an interview and medical tests to determine whether you have any preexisting conditions. If you are eligible for catastrophic health insurance, you should consider how much ready cash you have available before settling on which program is best for you. Base your decision on the cost of the deductible, the cost of standard medical out-of-pocket expenses in your area and amount you can reasonably put away in savings for future eventualities. Enter your zip code at the top of this page to get your free catastrophic health insurance comparison quote today.
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