How Good Is A Catastrophic Health Insurance Policy For You?

Article by kumar 2009







Although there are many health insurance plans available, Catastrophic Health Insurance policies meet the specific needs against calamities. Basically these plans are of two types: comprehensive type and supplement plans. The Comprehensive Catastrophic Health Insurance mostly covers the conventional health care and health care services in emergency like cost of ambulance whereas the Supplement Insurance Cover takes care of requirements such as psychiatric treatment and nursing care etc. Under both these insurance covers, after the deductibles are paid, the entire responsibility of the major portion of the medical expenses of the insurer’s treatment is borne by the insurance provider. Advantages and Disadvantages: The Catastrophic Health Insurance is most useful in case of calamity as it will compensate for the largest amount of medical expenditure that you in likelihood of facing in your whole life. The advantage of this insurance cover is that it has a low premium in comparison to the conventional health insurance policy as it will not compensate relatively minor expenses of consultation fees of the doctors. In case you have reasonably good health and are not dependent on the support prescription medicines, Catastrophic Health Insurance is best for you to save the money on your health insurance cover. In addition to it, if you are diagnosed for any acute disorder and can afford some increase in the insurance premium, Catastrophic Health Insurance is the best choice you can have. If you are already suffering from some diseases like diabetes, heart problem, AIDS or multiple sclerosis the disadvantage with the Catastrophic Health Insurance is that it will not cover any expenses on these ailments. At the same time, these insurance plans do not provide any compensation for the preventive care on any disease. You will have to meet all expenses for the routine treatment of these ailment form you own pocket to pay the doctor’s fees or for the medicines. Also, the Catastrophic Health Insurance will not pay you anything unless your deductible is completed. If you cannot spend a huge amount of money towards the medical expenses, this insurance plan will not suit you. These Catastrophic Health Insurance plans will mostly suit those people who like to take the advantage form low premium costs and get huge yearly insurance deductibles. It ranges between 0 and ,000. Besided the normal cover the plan has a cap, which is a lifelong benefit one can get ranging from million up to $ 3 millions. The insurance policy automatically gets cancelled when the cap amount is touched. To put it in a straightforward manner, Catastrophic Health Insurance policy is a kind of an alternative fiscal security in adverse times instead of being only a medical insurance plan. You are also eligible to get an appropriate tax rebate under HAS (Health Savings Account), if you are covered by Catastrophic Health Insurance plan. This insurance is the ideal option for the families with secured monthly earnings as there all medical expenses are taken care of. It is advisable that before going for any Catastrophic Health Insurance policy it is necessary to find out how much yearly premium you can afford to pay and you should have that specific amount of money ready with you.

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