Employment Company Insurance Vs. Catastrophic Insurance
Health insurance plans come in a variety of types; two of which are company insurance and catastrophic insurance.
Other People Are Reading
-
Background
-
You can get health insurance coverage from one of three sources: through your employer, through the government or on the individual market.
Company Insurance
-
If you work full-time and your employer offers health insurance, you may be able to choose among company insurance plans to cover doctor's visits and other medical expenses.
-
Catastrophic Coverage
-
One type of individual insurance is catastrophic coverage, which covers expenses related to accidents or major procedures, but generally doesn't pay for doctor's visits or prescription drug benefits.
Benefits
-
Many employers pay part of the company insurance premiums so costs to the employee may be reduced. Catastrophic insurance coverage is generally the least expensive health insurance option and, in many cases, is paid entirely by the employee even if part of a company's insurance offerings.
Downsides
-
Company insurance can become more expensive to maintain if you lose your job and benefits don't transfer to a new employer. Catastrophic coverage is less costly, but customers have to pay for many services out of their own pocket. Catastrophic coverage often is transferable, which means that even if you loose your job, most likely you will be able to take the coverage with you as long as you continue to pay the premiums.
-
