Catastrophic Health Insurance

Catastrophic health insurance plans are typically held by individuals who don't have employee-sponsored coverage. Often, individuals purchase them to avoid paying for coverage they don't really need. With catastrophic health insurance plans, it's typically necessary for policyholders to cover regular medical care, such as checkups and lab tests. Likewise, prescriptions drugs are usually paid for by the catastrophic health insurance holder.

Also called major medical, catastrophic health insurance is intended to cover such things as hospitalization, surgery, and diagnostic procedures. A catastrophic health insurance plan would likely cover x-rays and laboratory tests as well. However, these plans don't cover pregnancy-related medical care.

Deductibles and Catastrophic Health Insurance
This type of health insurance tends to carry a rather high deductible. Policyholders are required to pay for their own health care expenses until they reach the amount of their deductibles. Often, these plans have caps. A cap is a limit on the amount of benefits a plan holder can receive in a lifetime. For example, a catastrophic health insurance plan might have a cap of $1 million. Usually, caps for these plans don't exceed $3 million. The plan becomes void once a policyholder reaches the benefit limit.

All catastrophic health insurance plans are not created equal. To find the best coverage, at the lowest cost, you'll do well to request quotes from different agents and compare them, shopping around for the best deal. Get started on your health insurance search today; request free quotes from Efinancial today.