It's the million dollar question when making a decision about health care coverage - how much will it cost?
Most people have heard the buzz about rising health care costs in the news. If you are either self-employed, your employer doesn't offer health care, or you are just budget conscious, you are likely looking for adequate health care coverage that isn't going to break the bank.
Look no further than a catastrophic health plan, which offers the benefit of coverage for major medical expenses, but is available at very reasonable rates. You can be assured that you have some type of health plan in place without facing exorbitant premiums each month.
There are a number of factors that impact the cost - like other policies, catastrophic health plans are not a one-size-fits-all solution. Consider the following:
While each of these factors will impact the cost of your premium, this example from Insurance.com illustrates just how inexpensive catastrophic health plans are:
A catastrophic plan from Blue Cross Blue Shield of Florida for a nonsmoking 21-year-old female, with a $250 deductible and $2,500 out-of-pocket limit after exceeding the deductible, costs $29 per month.Deductibles
A general understanding of the deductibles for catastrophic health plans is necessary when purchasing a policy. Compare each policy carefully, because the deductible amount will help you determine your out-of-pocket expenses.
Some catastrophic health plans have a $250 deductible, which requires that you pay out that amount in medical expenses before you can begin to receive insurance coverage. Other plans may have a deductible of $500, so you have a higher number to meet before coverage begins. Also, be aware that catastrophic health plans do not cover prescription drugs, routine doctor's visits or maternity care, so all of those medical costs will need to be out-of-pocket.