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In this post, you will find out what Catastrophic Health Insurance is, who is eligible to have it, pros and cons, and an affordable alternative to Catastrophic Health Insurance (in case you don’t qualify for it or want something else).
What is Catastrophic Health Insurance?
Catastrophic Health Insurance are Health Insurance plans that have low monthly premiums and very high deductibles.
For Individuals, the deductible amount is $8,550.
For families, the deductible amount is $17,100.
This means that in case of a large medical expense, you would need to pay your deductible amount before the Health Insurance would pay for your medical expenses.
What Does a Catastrophic Health Insurance plan Include?
Catastrophic Health Insurance plans cover the same essential health benefits as other Marketplace Health Insurance plans.
Catastrophic Health Insurance plans also will cover certain preventive services at no cost, including three primary care visits per year (before you’ve met your deductible).
Who Qualifies for Catastrophic Health Insurance?
The only people eligible for Catastophic Health Insurance is:
- People under 30 years old
- Someone of any age that qualifies for a hardship exemption (like experiencing a natural disaster, homelessness, domestic violence, or financial hardships).
Pros and Cons of Catastrophic Health Insurance
The biggest benefit of having Catastrophic Health Insurance is the fact that you get to enjoy low monthly premiums, coverage for the essential health benefits, and some preventative services included.
The biggest con of having Catastrophic Health Insurance is the out-of-pocket costs for deductibles, copayments, and coinsurance are generally higher that other types of Health Insurance plans.
Is a Health Share Plan The Same as Catastrophic Health Insurance?
Health Share plans are not the same thing as Catastrophic Health Insurance. Health Share Plans are not Insurance, but they can certainly be an affordable alternative, especially for those who do not qualify for Catastrophic Health Insurance.
If you are interested in learning more about Health Share plans and how I save thousands a year on my healthcare, check out the following blog posts:
Is a Health Share right for you?
Why I Ditched Health Insurance to Join a Health Share
Which Health Share Should I Join?
There are a lot of Health Share plans to choose from, which is great, but it can also get overwhelming!
After much research on all of the Health Shares, I ended up writing an article on the Best Health Share Plans. In this post, I narrow it all down and let you know which health share plans I recommend.
Health shares are not insurance and do not offer insurance coverage. Membership in a health share does not guarantee the payment or reimbursement of medical expenses. Each organization operates under its own membership guidelines, which determine what expenses may be eligible for sharing. This publication is for informational purposes only and is not provided by an insurance company. For state-specific notices and full program details, please visit the respective health share’s official website.
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