Catastrophic Health Insurance
Catastrophic
health insurance coverage is taken in order to provide coverage
for major hospital and medical expenses. Catastrophic schemes generally provides
health insurance coverage for hospital stays, surgery, intensive care, diagnostic
X-rays and laboratory tests. Older adults falling in the age group 50 to 65
opt for catastrophic health insurance
in order to provide for health expenses in the event of heart attacks, cancer
and other serious illness. Self-employed young adults in their 20's also avail
such schemes to cover for all major health related expenses. Catastrophic
health schemes do not pay for routine doctor visits or health treatments.
Individuals opting for catastrophic health plans are normally healthy and
prefer to pay out of their pocket for all small health medications in order
to save on premium amounts.
Catastrophic health insurance coverage does not provide for
preexisting medical conditions like AIDS, diabetes, emphysema, heart disease,
multiple sclerosis, schizophrenia etc. and such affected individuals will
not be eligible for catastrophic health plans. Catastrophic heath schemes
charge low monthly premiums and provide maximum benefit payments to the insured.
The benefits obtained may be as high as $1 million to $3 million. High deductibles
are typical for such insurance plans, they may range between $500 and $1500,
and the levels of coverage will vary depending on the type of high-deductible
plan that is selected.
Many a times catastrophic health insurance policy is taken
to cover the treatment in intensive care units and also the unexpected problems
in pregnancy. The catastrophic insurance schemes offer maximum health
insurance coverage in such cases. In some states, the employer who does
not offer any other health insurance may offer catastrophic health insurance
to employees. Alternatively catastrophic insurance is also availed by young
people whose employers do not offer them the benefits of health
insurance.