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Catastrophic Medical Insurance: A Viable or High-Risk Option
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Getting a medical insurance policy is just like taking out a new car or buying a new home. You will find out that there are several options to choose from. That is why there is a need for you to evaluate your needs and weigh the available options carefully according to what you need. If you fail to take a step backwards and study your options first, you will end up paying more than your car loan or your home mortgage.
So what are the options available for you? As mentioned earlier, there are several. Probably you have read articles about travel medical insurance, temporary medical insurance, and others. In this article, however, we will discuss another type which probably you have not heard before.
And that is catastrophic medical insurance.
Is it associated with catastrophes in life? How does it work? Read on the preceding discussions to have a better understanding of what catastrophic medical insurance is.
To fully understand what catastrophic medical insurance is, let us first take a glimpse back on the principle of medical insurance. In order to be entitled of several medical benefits, you need to pay monthly premium to the insurance company that offers the plan. The benefits that you are entitled to are dependent on the plan you want to avail. But there are so-called “standard benefits” which is commonly included on every plan such as regular check-ups with licensed physicians, hospital and emergency services, and specialist treatments. Other health benefits that are not included in your preferred plan yet you want to be entitled to require you to upgrade your current plan to advanced policies which contains additional benefits.
Now, you have already an overview of what a standard medical health insurance is. It is time to discuss about catastrophic medical insurance and its attributes. Sometimes referred to as “fee-for-service” plans, it typically pays out to any medical care provider, but there are limitations as to the kind of medical care that it will cover. As a matter of fact, in the coverage alone, you will notice its difference on the standard medical insurance. In the catastrophic type, you will only be covered for injuries or illnesses and not for regular physician’s check up. However, since it will only pay for your illness or injury, it is often the most affordable plan you can get.
Aside from illness and injury coverage, another feature that makes it an affordable option is higher deductibles. If you will recall, deductibles are the amounts of money that you need to pay before your insurance company pays out for your medical expenses. For instance, if your deductibles are around $6,000 and your hospital expenses amounted to $15,000, the insurance company will pay the remaining $9,000. Generally, the higher your deductibles, the lower the premiums you will pay.
Since it does not cover other medical needs rather than illness or injuries, catastrophic medical insurance plan is only meant to cover major medical expenses. That is why if you have pre-existing medical conditions, a catastrophic medical insurance plan cannot be your most viable option.
The rates for such type of medical plan vary with your age and your location. In some states, the savings that you can generate on premiums could be as much as two thirds. For instance, if you are a 21-year old individual with no vices, you may pay for as little as 30 dollars per month on premium.
If you want to obtain a catastrophic medical insurance plan, be sure that you know what your specific medical needs are. Remember that such plan is a high-risk for individuals who need more medical coverage.
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