Catastrophic health insurance policies are also known as high deductible health plans. This kind of health insurance was created to lower medical costs through lower monthly premiums. This is in exchange for an annual health insurance deductible that is higher.
If you have a catastrophic health insurance plan, you would have to pay for almost all of your medical care until such time that you have already reached the annual amount deductible. Beyond that, you would be given benefits from traditional insurance policies.
You would normally need to pay co-insurance up until the time when you reach the total amount you have to pay for. If the catastrophic health care insurance you get is eligible for an HSA or a Health Savings Account, then you may use the funds to pay your deductible and other expenses. However, even if you do not have an HSA, you have to be able to set aside money which you can use to pay for your medical expenses.
You may get this type of insurance plan as a group or an individual plan. There are some pre-existing medical conditions which may disqualify you in getting an individual coverage. These conditions include mental health problems and diabetes. Group catastrophic health care policies need to comply with HIPAA regulations. This means that you should not be denied coverage or enrollment. However, with pre-existing conditions, the case is different.
There are a lot of resources in the Internet available for you to be able to compare different catastrophic health insurance coverage. They would primarily depend on which plan you choose. Make sure that before you sign up for a plan, you understand all the terms and policies about them. You may ask your insurance company about the different details. Many years ago this type of insurance did not cover regular check-ups and prescriptions. Of course, a higher premium would have more coverage.
If you are certain that you can cover the total deductible amount of your health care insurance, you may choose to get a catastrophic health insurance. This would help you save some on premiums. If you can get approved for an HSA or other types of savings account, then you can have an easier way of paying for deductibles.
People who usually get a catastrophic health care insurance are those who are nearing retirement or just starting out. You may get the best catastrophic health care insurance if you are disciplined enough to get all the information you can.