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Should You Purchase a Catastrophic Health Insurance Plan?

Deciding on which health insurance plan to go with can be difficult. A catastrophic health plan can be a right fit for you if you are a young, healthy individual who rarely visits the doctor’s office. Also, if you are under 30 years old, or if you make too much money to qualify for Medicaid or too little money to qualify for subsidies through the ACA, then a catastrophic health plan is right for you.

What exactly is a catastrophic health plan?

In simple terms, a catastrophic health plan provides very minimal insurance but has low monthly premiums.

The plans can be offered by private or nonprofit health insurance providers, and they only pay for healthcare expenses once a patient has met his or her annual deductible.

Catastrophic health plans are often referred to as an “emergency health plan.”

What does catastrophic health insurance cover?

The benefits provided by a catastrophic health insurance plan vary from plan to plan; however, once the annual deductible is met, these plans typically cover all — or at least the vast majority — of healthcare costs, including doctor visits, prescriptions, and procedures.

Catastrophic plans cover the same essential health benefits as other Marketplace plans. Like other plans, Catastrophic plans cover certain preventive services at no cost.
They also cover at least 3 primary care visits per year before you’ve met your deductible.

If you’re interested in a catastrophic plan, give Cosmo Insurance Agency a call at 732-363-3888. We partner with over 16 reputable carriers that offer great health options.

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




Source: Fool