Wednesday, October 30, 2013

Health Insurance For Catastrophic Coverage

Catastrophic health care coverage was created for a very specific reason. This is an offering to help those individuals who are generally in good health and only need some assistance for those times when hospitalization and surgical procedures are involved. These are the same individuals, who, throughout their lifetime, rarely, if ever have the need to make an appointment with a medical health care professional. Catastrophic health insurance is very specific in its requirements as well. This will not cover:

  1. Regular medical health care physician appointments

  2. Prescription medication

  3. Any mental health care situations

  4. Maternity care

Catastrophic health insurance is there for a specific purpose and that is to see an individual through a rare occurrence involving surgical procedures and hospitalization. This will also cover such medical health care procedures as necessary x-rays, but even this will be limited per the agreement assigned to the catastrophic health insurance. Many individuals who purchase this type of health care are younger than fifty years of age, but the vast majority of individuals who express an interest are between the ages of fifty and sixty-five.

Considering that many illnesses and pre-existing conditions begin to surface, as one grows older, this is very understandable. Those pre-existing conditions that will cause an individual to be refused this type of health care are:

  1. Heart Diseases and a form of Diabetes

  2. Aids or possibly HIV

  3. Cancer in any form and Asthma

Concerning catastrophic health insurance, it is a known fact that it offers very low monthly premiums, but it does also contain a high deductible. Most catastrophic health insurance policies begin at an average cost of five hundred dollars for the average monthly cost for health insurance. Something of concern for many individuals who enroll with a catastrophic health insurance plan is that the annual premium will continue to increase with each hospitalization stay and surgical procedure. The average lifetime cap concerning catastrophic health insurance is capped between one million dollars and three million dollars.

Individuals who have enrolled with a catastrophic insurance plan would also be wise to build up some monetary savings to have the ability to pay for the deductible when the time comes. The most time consuming prospect any individual can do is to research all the possibilities. Try to understand what the catastrophic insurance policy concerns it with and what it means to you, the individual. This will be of an advantage when the time comes and you find you need to utilize the benefits.

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