How to Find Catastrophic Health Insurance Coverage
Finding catastrophic health insurance coverage can be difficult. Here are some steps you can follow to make sure you find the right plan at the best possible price!
- Difficulty:
- Moderately Easy
Instructions
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1
Deductible
Decide how high of deductible you could afford to pay if there were a major medical, or catastrophic, expense. Keep in mind that some companies have a "per person" deductible and some have a "family" deductible.
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2
Find out what the lifetime maximum benefit is. If you are buying this coverage to protect you from the financial loss of a catastrophic event, $1,000,000 lifetime max per person might not be enough. Some companies offer $25,000,000 lifetime maximum benefits on their plans.
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Coverage Percentage
Find out how the plan will pay after you reach your deductible. Is it 100% coverage? Or, is it 70%, 80%, or 90% coverage or less once you pay the deductible? If it isn't 100% after the deductible, find out what your maximum out of pocket expenses could be in once year.
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Tax Savings
Some catastrophic health insurance plans will allow the insured to open a health savings account. If this is the case, you could pay most of your medical expenses pre-tax. This is a huge advantage of catastrophic health insurance coverage.
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Once you have found a catastrophic health insurance plan that you like, check the better business bureau and the financial ratings for the company offering the plan. Make sure everything checks out and send in an application!
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Tips & Warnings
When deciding on a catastrophic health insurance plan, think about how much money you could afford to pay for a catastrophic event at any given time.
To get quotes and start your search, type "catastrophic health insurance coverage" into a search engine, or call your local agent.
Make sure you know what your maximum annual out of pocket expense could be in the event of a large event.
Related Searches
Resources
- Better Business Bureau
- AM Best - Check Financial Ratings
- Catastrophic Health Insurance Coverage - Learn More
- How to Apply for a Catastrophic Health Insurance Plan
- How to Find Affordable Catastrophic Health Insurance Coverage
- How to Get Catastrophic Health Insurance Quotes
- Catastrophic Health Insurance Plans - Associated Content
- Photo Credit econedlink.org, nationalpetpress.com, legis.state.wi.us
Comments
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carby
Apr 20, 2009
great advice. 5*
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bethandlee
Apr 19, 2009
This is an informative article on catastrophic health insurance. Thanks for the tips! 5*
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smartmoneygrrrl
Apr 19, 2009
This is great advice! 5*
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Kelley Abney
Apr 18, 2009
Good info on stuff I don't like to think about. 5*
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lisagy
Apr 17, 2009
This article on Catastrophic Health Insurance Coverage was very informative....
