Catastrophic Health Insurance Options in New York
One of the most important reasons to have health insurance is to cover you and your family in the event of an accident or serious illness. Without health insurance you could face potential bankruptcy trying to pay back unexpected medical expenses. One type of insurance to consider for this reason, is a catastrophic health insurance plan.
Catastrophic Health Plan
The traditional catastrophic policy provides coverage for hospitalization and surgery, but does not usually cover minor claims such as doctor visits and prescriptions.
A catastrophic plan has a higher deductible than traditional plans in exchange for lower monthly premiums. Deductibles are the out-of-pocket expenses you are responsible for paying, before your insurance company kicks in. Premiums are the amount of money the insurance company charges you, usually on a monthly basis. Your premiums do not count toward your deductible limit. Agreeing to a higher deductible is what brings down your monthly insurance costs.
There are many insurance plans out there that have higher deductibles involved, that are similar to a catastrophic plan. A High Deductible Health Plan (HDHP), HSA plans, Major Medical, and some HMO and PPOs have this option to lower costs. With any deductible plan, you have to have the funds available to pay for medical services rendered (doctor visits, prescriptions, physical therapy, etc.) until you have met the deductible limit.
A Good Choice For Many
There are many good candidates for a catastrophic or major medical health plan. You should consider this option if you are:
- self employed
- young and healthy
- a college student not under his/her parents policy
- in between jobs
- in between the start of retirement and the beginning of Medicare
- unable to afford more comprehensive health insurance
Look for a plan that pays at least a million dollars in total lifetime benefits and has a deductible of $5000 or less.
The best way to choose a health plan is to start by considering the amount of financial and medical risk you’re willing to take. If you have a physician, ask him/her what insurances he accepts. If you do not have one, find one. Once you have determined your risk limit and found a physician, it will be easier to find the right plan and insurance company for you.
Talk to health insurance agents in your area. Go online and do your research. Always get several quotes to compare prices and coverage. If you have done so yet, go online today and get several competitive quotes. These quotes come from reputable insurance companies in your area of New York. It is fast, free and you are under no obligation.