Catastrophic Health Insurance
Finding catastrophic health insurance coverage can be difficult. Here are some steps you can follow to make sure you find the right plan at the best possible price!
Instructions
1. Decide how high of deductible you could afford to pay if there were a major medical, or catastrophic, expense. Keep in mind that some companies have a "per person" deductible and some have a "family" deductible.
2. Find out what the lifetime maximum benefit is. If you are buying this coverage to protect you from the financial loss of a catastrophic event, $1,000,000 lifetime max per person might not be enough. Some companies offer $25,000,000 lifetime maximum benefits on their plans.
3. Find out how the plan will pay after you reach your deductible. Is it 100% coverage? Or, is it 70%, 80%, or 90% coverage or less once you pay the deductible? If it isn't 100% after the deductible, find out what your maximum out of pocket expenses could be in once year.
4. Some catastrophic health insurance plans will allow the insured to open a health savings account. If this is the case, you could pay most of your medical expenses pre-tax. This is a huge advantage of catastrophic health insurance coverage.
5. Once you have found a catastrophic health insurance plan that you like, check the better business bureau and the financial ratings for the company offering the plan. Make sure everything checks out and send in an application!
Tags: health insurance, catastrophic health, catastrophic health insurance, deductible 100%, health insurance coverage
