If you’re younger than 30 years old, or if you have a financial hardship, you may be eligible for a catastrophic health plan. Although these plans have the highest deductibles and out-of-pocket costs allowed under the ACA, their premiums are lower than the other available options, and at least you’ll have some coverage.

Catastrophic plans cannot be purchased by people over 30 unless they have a hardship exemption. And it’s also important to note that subsidies cannot be used to help pay for catastrophic plans, so they’re generally not a good choice for anyone who qualifies for subsidies based on income.

And just like any other major medical health plan, catastrophic plans can only be purchased during open enrollment or a special enrollment period.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.