Catastrophic Health Insurance and Why It Is Essential For Your Family
Medical insurance is most important today because of the huge costs associated with healthcare. Along with technological advancements has risen an increase in expenses associated with even a small medical check up or a routine doctor visit.
Paying such expenses can be difficult on a nominal salary and a person with mediocre income can be suddenly stumped with medical bills due to a small illness infection or disease. If a medical insurance has been taken, it can be used to pay for such expenses, thus eliminating sudden financial losses or losing out on savings that have been made for the past couple of months.
About Catastrophic Health Insurance And Why You Need It?
Regular health insurance is compulsory for various types of medical expenses from the routine medical check up to a critical illness bill. It is quite affordable and various types of policies are available from which a suitable one can be selected based on coverage offered and price.
There is another type of health insurance that is a must to look into today due to the kind of problems that a person has to face at the workplace or due to the fast-paced living environment that is problem today. It is called Catastrophic Health Insurance and offers compensation in the event of a sudden medical emergency by which a person becomes extremely sick such that he or she cannot move or go to work.
This insurance has quite an affordable premium cost enabling people with a mediocre income to pay for it on a monthly basis. However it has high deductible and offers compensation only in the event of a serious medical problem.
Catastrophic Health Insurance over 30 to 50
When a person has to go for routine medical check up it cannot be used to pay for the bills but in case of severe injury where in medical treatment is required right away, the policy can be used to completely medicate the rising expenses. It comes under the Affordable Care Act and is meant for people who are below 35 years of age or who are under the hardship exemption rule.
Policyholders have to pay for all there routine medical check up till the point wherein they reach the plan’s annual deductible which is a couple of hundred dollars. Until the policyholder reaches this deductible amount various health expenses have to be borne by themselves. It is only when this amount has been reached that the policy pays out.
The payment is done for general health care services that are usually covered by medical insurance policies, preventive services ,emergency services prescription drugs and much more.
How To Get a Catastrophic Health Insurance?
It is to be noted that cost saving expenses such as coinsurance and copayments is high for catastrophic health insurance. This type of insurance looks very similar to critical illness accident insurance plans but in reality it is different from them primarily because they offer limited coverage or payout only under certain circumstances.
Catastrophe health insurance on the other hand offers more coverage and a higher pay out, but also gives the basic cover that is seen in other medical insurance plans, provided the policyholder reaches the high annual deductible set by this insurance type to avail its benefits. To Know More, Visit Government Site.