Important Details About Catastrophic Health Insurance Plans

Health Insurance

 

What Is a Catastrophic Health Insurance Plan?

A Catastrophic Health Insurance Plan is a plan specially designed for extreme healthcare situations. This plan covers all the costs of your primary medical expenses until one reaches the deductible. This plan includes all the medical costs that come under the ACA (Affordable Care Act).

This plan belongs to the citizens who meet specific criteria. The planning of this plan executes the health insurance agents (USA). Such a program's development was to meet the people who cannot afford high monthly health insurance premiums.  

What Comes Under the Affordable Care Act?

The Affordable Care Act, commonly known as Obamacare, is the law initiated by the United State's ex-president Barack Obama to ensure citizens' health facilities. This act includes all the essential health facilities that provide America's citizens with a low health insurance premium. This plan includes:

  • Emergency required services
  • Hospitalization admission
  • Ambulance services
  • Maternity care and services
  • Prescribed drugs availability
  • Rehabilitation services
  • Medical test laboratory services
  • Wellness clinic services
  • Paeds department services
  • Additional coverage (contraceptive methods provisions, etc.)
  • Dentistry services
  • Eye clinic services

Who Is Eligible for the Catastrophic Health Insurance Plan?

There was an eligibility criterion set up for this plan when introduced.

You are eligible for the catastrophic health insurance plan if you are less than thirty years. This age factor matters so that only-deserving candidates who deserve this plan can meet the ends to qualify for it. The age limit limits many people from getting into the program. This plan was of help to people who struggle in earning and cannot pay massive health insurance premiums. 

You are also eligible for this plan if you qualify for the hardship exemption. The hardship exemption plan is the plan that assists, whether the candidate deserves the qualification for this plan or not. 

One can only qualify for the hardship exemption plan if:

  • he or she is homeless 
  • the person is under eviction from the tenant 
  • has received the shutoff notice from the utility company 
  • the person is the victim of any harassment or domestic abuse
  • the person has experienced the loss of any family member 
  • the person is under bankruptcy
  • he or she has encountered any natural disaster
  • the person is not eligible for Medicaid
  • he or she has faced severe hardship to get health insurance

What Are the Benefits of a Catastrophic Health Insurance Plan?

There are many benefits one can enjoy under catastrophic health insurance plans. This plan starts to pay all your medical expenses once you reach the annual deductibles. The deductibles don't let one appreciate all the medicinal benefits. 

The catastrophic health insurance plan allows you to enjoy its benefits by providing three primary-care clinics annually. You can also have access to three prevention-clinics yearly. You have to pay for additional medical expenses yourself in this plan.

Another perk of this plan is that you have to pay a low monthly health insurance premium compared to the actual health insurance premium. 

How Much Does the Catastrophic Health Insurance Plan Costs?

This plan has a low premium-rate and a high deductible. The average premium is $173. At the same time, the approximate deductible is $7148 yearly.

The main perk is the low monthly premium facility in the catastrophic health insurance plan. 

To Sum up, Catastrophic health insurance plans are best for individuals who cannot pay the massive health insurance premiums. These plans encourage the health facilities amongst the under-employed ones. The program is a customized package for the one who struggles in life. 

This plan eradicates the provision of medical facilities based on class differences. Availing this plan can save one from paying substantial monthly health insurance premiums.