Catastrophic Health Insurance
A Insurance Article Contributed by Manoj Kumar
Catastrophic Health Insurance Plan
Your employer does not offer group health insurance - A private heath insurance plan seems to be an expensive option as you cannot afford the monthly premium payments - So what to do in case you require health insurance coverage? You may be able to manage routine check ups and expenses for small illness, but what about major health expenditures such as those arising in the event of surgery or hospitalization (to either you or any member of your family) due to any major medical disorder?
A catastrophic health insurance plan is your best option under such circumstances.
What Do Catastrophic Health Insurance Plans Offer?
Catastrophic health insurance is different from traditional health insurance plans that offer medical and health protection against routine health disorders. Catastrophic health insurance plans does not offer insurance protection for preventive health care, routine check ups or visits to your doctors etc. Catastrophic health insurance is typically drawn to avail comprehensive health insurance protection against major medical and health related expenses such as hospital expenditure etc.
Take a look at few health and medical expenses covered under a catastrophic health insurance policy:
* Hospital stays
* Surgery
* Intensive care
* Diagnostic X-ray
* Lab tests, Etc.
Catastrophic Health Insurance Does Not Include the Following
* Catastrophic health insurance policies do not cover preexisting medical conditions (such as AIDS, diabetes, emphysema, heart disease, multiple sclerosis, schizophrenia etc to name a few). In case you have any of the above pre-existing conditions (or any other as may be decided by your insurance agent) then you will not qualify to purchase catastrophic health insurance coverage.
* Most catastrophic health insurance plans do not cover for pregnancy related medial expenses.
* Catastrophic health insurance plans typically requires low monthly premium amounts on the insurance policy purchased but charges high deductibles while making a claim on the coverage.
Here are a Few Factors to Consider Prior to Purchasing Your Catastrophic Health Insurance Plan in Order to Decide If You are Obtaining the Right Type of Coverage
* Does you premium amounts become due monthly, quarterly or yearly?
* Can you afford the amounts charged towards premium payments?
* What is the extent of deductibles charged? How much deductible can you afford at the time of placing a claim?
* What is the extent of coverage you require and how extensive is the coverage you have opted for?
* Do you fall sick often, if so can you afford to pay for routine checkups and doctor visits out of your pockets?
* Are sufficient lifetime annual benefits offered on your policy?
Who Should You Purchase Catastrophic Health Insurance?
You should opt for a catastrophic health insurance plan if:
* You are a young adult in and around the age of twenty and are either self-employed or do not have employer group health insurance protection.
* If you are healthy and therefore do not want to pay large monthly premiums over routine medical treatments, checkups etc, and would prefer meeting such expenses out of your pockets.
* In case you are an elderly person between ages of fifty and sixty-five and require medical insurance protection to provide for health expenses in the event of heart attacks, cancer or any other serious illness.
