When selecting health insurance during open enrollment, you may decide to select a “Catastrophic Plan.” To do so, you must meet certain criteria in order to be eligible for this type of plan.
Defining a Catastrophic Plan
Catastrophic health insurance plans have low monthly premiums and very high deductibles. They may be an affordable way to protect yourself from worst-case health scenarios, like getting seriously sick or injured.
Most routine medical expenses are paid by you if you elect this type of plan.
You are only eligible for this plan if:
You are under 30 OR you are of any age and you have a hardship exemption or affordability exemption. These exemptions are based on Marketplace or job-based insurance is unaffordable.
- Catastrophic plans cover the same essential health benefits as other Marketplace plans.
- Catastrophic plans cover certain preventive services at no cost.
- Catastrophic plans cover at least 3 primary care visits per year before you’ve met your deductible.
How much do they cost?
- Monthly premiums for this type of plan are usually low,
- Deductibles: Deductibles are the amount you have to pay on your own for most services before the plan starts to pay anything. These can be very high for this type of plan. For example, the deductible for this plan during 2017, for all Catastrophic plans is $7,150. After you spend that amount, your insurance company pays for all covered services, with no copayment or coinsurance.
This can be very confusing and it may be difficult to make the best choice for you and your family. The good news is, I am here to help! Let me help guide you through the open enrollment process this year so that you can make an informed decision.
Schedule your FREE consultation by calling: (813) 391-3448