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In today's economy everyone is looking to save a buck. We are cutting cost where ever we can. We are scrimping in every area just to get by. One of the first things we look at is the cost of health insurance. Rates keep increasing, yet our income is not. Many consumers are opting for catastrophic plans or what is also known as Major Medical only plans.
by JeffCline
In today's economy everyone is looking to save a buck. We are cutting cost where ever we can. We are scrimping in every area just to get by. One of the first things we look at is the cost of health insurance. Rates keep increasing, yet our income is not. Many consumers are opting for catastrophic plans or what is also known as Major Medical only plans.
Catastrophic plans are the most affordable plans available to consumers. It makes since that many consumers are replacing there current benefit plans for this to avoid being completely uninsured. Many can not afford health insurance, but knows without it they could end up in financial ruin.
Below are a few things to consider before making the plunge to a Catastrophic plans. It may be necessary for some people to make cuts in other areas instead. So before making decisions think about this:
These plans keep premium cost down by implementing high deductibles. Sometimes as high as $20000. You, the consumer pay the deductible first. After that traditional health insurance coverage begins. So as you can see if you have a condition that requires you to have regular office visits and testing this kind of plan would probably not save you much.
Catastrophic plans are great alternatives for those people who do not use their current insurance often and is comfortable just knowing they will have coverage if an unforeseen illness or accident should occur.
A catastrophic plan does not have benefits that many consumers have always had. If you have any medical expense, office visit, prescription or even labs you will be expected to pay that out of your pocket until you have meet your high deductible.
There are other plans that have high deductibles and allow you to make contributions that you can use towards office visits and other medical expenses you occur prior to the deductible being met. These plans are called HSA or Health Savings Account plans. Some even allow for a preventative exam each year.
Now that you know what to consider you can see how it may save you money to replace your more expensive plan with a catastrophic plan. You should never consider going without insurance as an option.
About the Author:
agent Jeff Cline would love to assist your exploration for catastrophic health insurance. If you are more interested in a short term or temporary solution we have temporary insurance alternatives for you also. We are here to serve you. Call us anytime, am to pm 7 days a week for support. You can reach us at our toll free number 866.526.9669. |