Catastrophic Health Insurance for 360 Degree Coverage
Are you sick and tired of the stringent eligibility requirements of traditional comprehensive health insurance? Has your life become an unending quest for the right type of health insurance which provides you with cradle to grave coverage? We have three words for you by way of an answer– catastrophic health insurance.
What is Catastrophic Health Insurance?
Before we tell you all about the features and benefits of catastrophic health insurance, here is a quick definition. It is a type of insurance protection which covers catastrophic medical and hospital expenses involving major medical bills but does not reimburse you for small ticket medical expenses such as a doctor’s visit or simple X Rays. This form of health insurance coverage is less expensive than other available products in the market and is a lot less complicated.
Generally, catastrophic Health insurance plans have a lifetime maximum benefit of $1 million to $3 million. Plans with higher payouts are also available. Health insurance plans meant to cover serious medical challenges are based on the “high deductible low monthly premium” model which is precisely why these products are so popular. The amount you may have to pay as a deductible for a claim can start from $500 and can go all the way up to $5000. However, the coverage can be up to 100% of all your medical bills instead of the 80% co-sharing stipulation you will find in major health policies. Catastrophic health Insurance coverage excludes certain pre-existing conditions such as heart disease, diabetes, AIDS, multiple sclerosis or emphysema.
Catastrophic Health Insurance Coverage
Catastrophic health insurance can be highly beneficial owing to its ability to cover major medical expenses based on really low premiums. These plans give you the maximum possible coverage once you have paid your monthly or quarterly premium. Several catastrophic health insurance plans also allow you to add up-front coverage for preventive care and minor accidents. There’s more to it. If your catastrophic health insurance qualifies as a high deductible health plan, you can open a Health Savings Account (HAS) as well. You just might be eligible for a small measure of tax relief when you set up such an account. Catastrophic health insurance plans have gained immense popularity in a considerably short span of time. It is especially popular among young people in their twenties who are confident of their health or the older population in their fifties or sixties and are waiting for their Medicare eligibility.
The best way to locate a suitable catastrophic health insurance coverage company is by going online and completing an online form on any one of a number of websites currently available on the Internet. Once you complete the online form, you will receive quotes from several insurance companies which will enable you to make a judicious decision about which health insurance possibility you should pursue.