Catastrophic Health Insurance Plans May Be a Good Option

If you are making plans to buy insurance, give some consideration to catastrophic health insurance plans.

It can be confusing to figure out what kind of health insurance plans to consider and ultimately buy. Each plan is different and that makes sense because not everyone is the same or needs the same kind of coverage. While most plans on the market today are priced to meet the needs of individuals and families struggling with lower incomes, it sometimes can seem just too overwhelming to try and pay for health insurance when you are out of work.

Since the recession hit, thousands of Americans have cancelled their policies due to pressing necessity. Although this is completely understandable, it is extremely risky. If something happened, they would be financially destitute or bankrupt from the overwhelming medical bills. Other families have opted to reduce their premiums to the absolute bare minimum, which may work in some instances but not in others, as lower premiums may also give you less coverage for what you need.

If you are in this situation, lining up a catastrophic insurance policy may be the right solution for you. This kind of a plan will protect you when you need it the most, and lets you take care of routine medical bills if you can. If you cannot, you at least have a plan that will kick in when it is needed the most.

Some the benefits of a catastrophic insurance policy are:
– Helps you keep premiums really low – as much as 25 to 50 percent lower
– Offers coverage for any treatment of significant medical issues such as a car accident
– It is a high-deductible plan with amounts that range from $250 to $2,000
– You take care of your medical expenses up to the deductible
– If the deductible is reached, the insurance kicks in and handles the difference
– Pays for medical procedures, lab work, x-rays, surgery and intensive care stays

Having some insurance coverage is better than having none and makes more economic sense in the long run. Without it, not only is your health at risk, but so is your long-term ability to be financially stable. How much do you think a broken wrist may cost you without health insurance? Go ahead and take a guess. Chances are you would have to pay between $6,000 to $17,000, depending on the nature of the break and treatment required.

Do you have that kind of money to pay a medical bill? Most people do not, and it is a good bet that you do not either. This is one of the reasons why you might want to seriously consider catastrophic health insurance plans. Speak to your agent for a good, in-depth explanation of how they work. While it might not be the best option for everyone, it is ideal for others.

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