Deciding If Catastrophic Health Insurance is Right For You

If you are looking for a way to save some money on health insurance, you might want to consider obtaining a catastrophic health insurance plan. At the same time, while a catastrophic health insurance plan can save money, it is not necessarily the best choice for everyone. Therefore, you should carefully weigh the pros and cons of this type of health insurance coverage in order to determine if it is right for you.What is Catastrophic Health Insurance?Catastrophic health insurance, which is also referred to as major medical health insurance, is a form of insurance that primarily covers the expenses associated with major medical events. Therefore, you will usually be expected to pay for your doctor’s visits and prescription drugs out of your own pocket, but you will receive coverage if you are admitted to the hospital or if you experience any major medical expense. Items that are generally covered with catastrophic health insurance include:Diagnostics
Hospital stays
Intensive care
Lab tests
Surgery
X-raysSince catastrophic health insurance only covers major medical expenses, your monthly premiums can be kept much lower than what you would pay for comprehensive health insurance coverage. In addition, the deductibles tend to be much higher with this form of health insurance coverage.Who Should Consider Carrying Catastrophic Health Insurance?Since catastrophic health insurance does not help pay for routine medical costs or prescription drugs, anyone with ongoing health problems that require medical care should not purchase this type of health insurance coverage.The ideal candidates for this type of insurance coverage are usually those that are in their 20s as well as those that are between the ages of 50 and 65. This because young adults often do not have coverage through their employer’s and cannot afford to pay for comprehensive coverage. In addition, they tend to be in good general health and only need to have coverage in case of a major medical event, like an accident. Those between the ages of 50 and 65, on the other hand, may be retired and interested in having insurance to cover them in case of a serious health issue, such as coming down with cancer or having a heart attack.When determining whether or not catastrophic health insurance is right for you, you should consider your budget, your health and your ability to cover the cost of high deductibles if you should develop a serious health condition.Remember a major med plan can save you money in the short run, but there are often holes in the coverage which, if you’re unlucky can end up costing you big in the end.Discuss all options with your health insurance agent.

Affordable Group Health Insurance Rates Are Normally Paid by Employer

Group health insurance has been one of the greatest things that has happened to families in the past few years, group health insurance gives entire families health insurance coverage because one of the family members has insurance at work, and through that one person the entire family can receive coverage. This type of health insurance can be very helpful for families where there is only one parent taking care of the family or only one parent working. Without affordable group health insurance many families would be falling apart trying to keep their children and families healthy. When children are young they are very susceptible to sickness and illness and often need to go to the doctors office for sick visits, so under an affordable group health insurance policy they are covered by the insurance company when they get sick. This type of insurance also helps parents stay healthy when trying to raise their children while maintaining a full-time job. Children look up to their parents and watch what they do in situations and try to emulate them when they are growing up, and by parents demonstrating good methods when it comes to being sick and receiving proper care will help children learn to do the same thing.Group health insurance is normally one of the least expensive types of insurance, which makes it relatively affordable for families, and in many of these cases the employer pays the entire cost of insurance. For many employers there is an option of different types of plans, some of the different types of affordable health insurance plans are fee-for-service, health maintenance organization, or even a preferred provider organization. Fee-for-service is normally a popular choice for many employees who are looking for affordable group health insurance because not only gives coverage and doesn’t leave families with the burden of high costs of medical bills, but it also is a pay as you go, you aren’t required to pay a monthly rate which can sometimes can be too costly for families.One of the biggest questions asked about group health insurance is what happens if you quit your current job that is providing you and your family affordable group health insurance? Normally the group health insurance is terminated, unless you want to pay for it individually which can become very costly. Although, there are laws requiring companies of 20 people or more to offer health insurance to employees for 18 months after they are fired or quit their job, which is something you definitely want to look into when you are looking for affordable rates. You will be charged a higher premium then when you were working but for many families this is the difference between staying insured and leaving family members without any insurance. So in essence it is very important for people to remain on their same insurance if that is an option after leaving a job.

The Drawbacks of Buying Health Insurance

What Are Some Drawbacks to Buying Insufficient Health Insurance?Health insurance is necessary in order for people to afford health care. However, some people do not know anything about health insurance, which could lead to trouble when they are negotiating their policy with an insurance agent. There is a possibility of them endangering their health and finances, as well as not finding the right doctor in a participating health network.People do not have to research health insurance the moment they receive their first quote from an agent. Instead, consumers should ask the right questions about their insurance coverage and follow these guidelines to receive the best coverage and service from insurance agents.Know the difference between Indemnity Care and Managed CareIndemnity Care allows patients to select their own hospital, physician and other care providers and services. With indemnity care, patients are reimbursed up to a percentage or maximum amount of medical costs.However, managed care allows insurance companies to arrange doctors, hospitals and health care providers and services to patients. This is usually organized under three plans of patients’ choosing:” Health Maintenance Organization (HMO)
” Preferred Provider Organization (PPO)
” Point of Service (POS)Know What The Insurer Is Responsible In PayingThere are four major expenses insurers cover:” Physician Expense Insurance – Covers the expense of doctor or hospital visits.
” Hospital Expense Insurance – Covers the expense of hospitalization.
” Surgical Expense Insurance – Covers the expense of surgery.
” Major Medical Insurance – Protects losses from serious injury or great illness.As part of the policy, patients are responsible for:” Deductible – The cost a patient pays after service before the insurance company pays. Higher deductibles mean lower premiums and vice-versa
” Co-Payment – The cost required upon doctor or health care provider visits
” Coinsurance – The percentage of a medical bill required by the patient to pay after the applicable deductible.Consumers should know that insurance agents should suggest additional health insurance coverage. These types of benefits include insurance on the following:” Prescriptive drugs
” Maternity care
” Mental health
” Vision
” Dental
” Preventive careMore Advice About Health InsuranceConsumers should follow this guide for better health insurance and in finding the right health insurance agent. Normally, insurance companies should be able to tell them more than what is mentioned by this guide. However, it is a good idea for consumers to shop at different insurance agencies for the best coverage at affordable rates. Still, a health insurance agent can help them further if they ask them to.