Catastrophic health insurance policies are intended only to pay for major hospital and medical expenses, not routine visits to the doctor’s office or trips to the ER to get stitched up. A catastrophic plan would cover things like treatment in an intensive-care unit for 10 days after an auto accident or complications from a pregnancy that land you in a hospital.

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Catastrophic health insurance plans or policies typically come with a very high deductible from $500 to $15,000 and a high maximum benefit payment, such as $1, $2 or $3 million.

Who Buys Catastrophic Health Insurance?

There are two groups of individuals who commonly purchase catastrophic health insurance. The first is the young adults who are self employeed or do not have coverage through their employer. They are healthy on no medications and would rather pay their own office visit and save the premium. The second group is primarily made up of individuals between the ages of 50 – 65. They typically choose high deductibles $5,000 and up and are primarily concerned with catastrophic losses associated with heart attacks, cancer and other such illnesses.

Is Catastrophic Health Insurance Coverage Right For You?

As with all insurance you are gambling that you are going to need the coverage. With catastrophic health insurance coverage you are elimination coverage to reduce premiums. Be careful not to take a deductible larger than you can afford and plan for what you’re comfortable with is the worst happens. Shop around on your own or talk to an independent insurance agent to make sure you get a plan that’s right for you. For more information and rates on catastrophic health insurance visit our health insurance quotes page.

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