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Catastrophic Health Insurance

Catastrophic Health Insurance

While you may think that catastrophic health care insurance is just another confusing health insurance out there, better check this out for this might be the insurance efficiently made for you. While the government had stated that everyone should have themselves insured, you may start to think that you’ll be wasting your money for those high monthly premiums especially when you know in fact, that you are physically, mentally or might as well include emotionally healthy. Catastrophic health care Insurance may be the solution to your worries.

Can also be called a “major medical plan”, catastrophic health care insurance includes expenses incurred both inside and outside the hospital such as in-house nurse care as well as laboratory tests. It also covers long-term hospitalization, heart attack, stroke and cancer. The amount of assistance can be acquired as a lump sum of the cost it is to cover which can be partial or full depending to the condition written in the policy. The good thing is that they have low monthly premiums–the amount of money you pay for you to be under the coverage of a particular insurance. Catastrophic health care insurance was created to prevent bankruptcy that can happen due to lengthy or expensive illness that is very common to some developing countries.

Catastrophic health care Insurance is a “fee-for-service” insurance that can give you protection or assistance when a catastrophic incident occurs. This is very efficient for those who are young and healthy in which are not expected of any illness unless brought by age. The basic idea that this insurance was created is that for a person to” pay for what he or she needs and NOT what he or she MIGHT need”. It can make you save as much as 20%-40% as compared to the traditional, long-term insurance. You can already have yourself insured with just 70 dollars for monthly premiums.

While you may start to think that this is a “miracle” insurance, just be aware about some facts about this insurance. This insurance is not a fraud if that is what you are worrying about. As catastrophic health care insurance may have its advantages, so are disadvantages. As I have said earlier, this is good for those who are young and healthy since you may not be in need for frequent medical attention. When you meet the deductible, the insurance company covers major medical expenses that it deems necessary like hospital stays, surgeries, lab tests and intensive care. Elective procedure are not covered. This health insurance doesn’t cover basic medical costs such as annual check-up, dental and eye care.

ALERT

Catastrophic health care insurance is referred as a High Deductible Health Plan. The low monthly premium comes with a significantly higher deductibles—the amount of expenses that must be paid out-of-pocket before an insurer will start paying the expenses.  Thus, you can expect to shoulder high cost for routine doctor’s visits, prescription costs since assistance from health insurance would require high deductibles before they kick in. This is basically good if you are healthy with less health concerns as you go on in life. When you don’t normally go to doctors or avail any particular health services, this will do you good for you are not obliged to pay for health insurance with high monthly premiums while at the same time have no other health expenses to consider. When an urgent or as what we say catastrophic event happen particularly to your health, you have nothing to worry because the catastrophic health insurance will be there to cover and help you out.

The deductibles are costly. As of year 2009, the minimum for single individual is 1,500 dollars up to 5,800 dollars maximum. For family insurance, the minimum would be 2,300 dollars up to 11,600 depending to the company you wish to apply. There is even an increase for as of 2013, the minimum deductible for the catastrophic health care insurance is 1,250 dollars up to 6,250 dollars for single and 2,500 dollars up to 12,500 dollars for family. The increase can be due to the increase in health demand of the people and increase of the different health treatment that are now offered to cure different illness. The different process considers the privileges that you can avail as written in their policy.

The catastrophic health care insurance comes in two basic forms: comprehensive and supplementary. Comprehensive plan is comparable to the traditional health care plans. As compared to the normal health insurance, the deductibles are higher while the premium is lower but as compared to the supplementary, the premium is much higher. What it additionally covers are emergency services such as trip to the ER (Emergency Room) in an ambulance. Supplementary plan acts as a supplement to other insurance plan you might have like medical appliances, nursing care, psychiatric care, etc.

Catastrophic health care insurance really has their pros and cons. What you are to do is to think before you avail any particular health insurance. Despite the law for health insurance is made not for you to be abused by different insurance company by availing any health insurance they are to offer. It is still your freedom to choose which health insurance you are to take. Read the policy of any health insurance offered to you. Read and understand every detail. Do not be afraid to ask question if there is something you want to know. Do not just take what is offered to you. The different health insurances are made to benefit and address every people’s particular need. The different policy is made to adjust on your particular need so better choose what you think would be best for you. The status of one’s health is very unpredictable. As such, we should all be ready in case any incident may occur to us and affect our health. No one can take care of your health better than yourself. You have to prioritize it to be able to enjoy life to the fullest. The government is continuously working to help improve the health of its citizen so grab the opportunity for you, for your health.

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