For Future Medical Problems Consider Catastrophic Health Insurance Plans

While most people buy their health insurance based on the now, they really need to give some consideration to having catastrophic health insurance plans.

This kind of health insurance lowers rates, because it covers major medical expenses for very reasonable prices. Many of the large health insurance companies will offer this kind of coverage for individuals and families. Another reason the pricing is lower is that shorter termed insurance usually tend to deal with catastrophic benefits and not routine medical expenses.

What does catastrophic health insurance provide? Generally speaking, it offers coverage for things like in and outpatient hospital care, anesthesia, lab tests, X-rays, ER charges, the costs of surgery and doctors professional fees, for instance surgeons and other specialists etc. Now and then some catastrophic health insurance plans offer preventative benefits, but they do not pay for going to the doctor’s office or drugs.

You might already be familiar with the high deductible health plan as being another form of catastrophic coverage. The high deductible health plan, also referred to as an HDHP, tends to be fairly cheap. However, you must be aware that it does not pay for the first several thousand bucks when it comes to medical bills.

Having said that though, once you are done paying your deductible, the policy then pays at least 80 percent to 100 percent of the rest of the expenses. Some people like that and feel a sense of relief that they are totally covered once their deductible is taken care of upfront. It is a strictly personal decision as to what will work in your case and whether coverage like this is something you want.  Note: you will need an HDHP if you aim to open a health savings account, but on the other hand, you can get an HDSP without having the health savings account.

If you are more concerned about covering major expenses and okay with paying higher out of pocket expenses, then catastrophic health insurance plans may be just your cup of tea. In reality, the money saved by buying these plans actually offsets your out of pocket dollars. Or, you can lower your deductible. Again, whatever suits your circumstances is what you need to consider for good health insurance coverage.

Hint: with health care reform a possibility for the future when you will have to have insurance, HDHP plans will be even more popular, if they are available. Think ahead about your future and buy what you need now, because once the new era comes to be, you can still keep what you had before they changed the rules on you.

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