Who Qualifies For Catastrophic Health Insurance
Have you been hearing about catastrophic health insurance but don’t know how to get it? This insurance plan is not for everyone. Hence, who qualifies for catastrophic health insurance?
Qualification for catastrophic health insurance is based on your age, health status, financial condition and other factors that will be highlighted in this post. It is not recommended for anyone having medical conditions requiring regular treatment or hospital visits. This plan is mostly beneficial to young people who will in most cases not likely need any extensive medical care.
What is Catastrophic Health Insurance?
What is catastrophic health insurance? Catastrophic health insurance is a type of health coverage under the Affordable Care Act. It is a medical insurance that features high-deductible health plan for people under 30 or those who qualify for a “hardship exemption.” The plans are designed to protect an individual in a worst-case scenario; like getting into a medical emergency where medical costs involve thousands of dollars. Catastrophic monthly plans are typically lower; however, one will have to pay for the entire health-care costs out of pocket until the plan’s annual deductible is reached.
Who Qualifies For Catastrophic Health Insurance?
Having received a clear understanding of this health coverage, it is now necessary to know who qualifies for catastrophic health insurance. To be eligible for catastrophic health insurance, one of the following requirements is a must:
• Be under 30 years old, or
• Qualify for a “hardship exemption.” Examples of hardship exemptions include homeless in the last three years or ineligible for Medicaid due to your state not expanding it. Check more hardship exemptions here.
Is a Catastrophic Insurance Plan Right For Me?
Is a catastrophic insurance plan right for me? Determination of whether a catastrophic plan is right for you will depend on if:
i. You are unable to cope with more expensive coverage.
ii. You are in most cases healthy and don’t see a doctor often
iii. You can afford high out-of-pocket costs.
iv. You are not eligible for Medicaid
v. You are not eligible for a subsidy based on your income
Benefits of Catastrophic Health Insurance
The benefits of catastrophic health insurance are numerous. This health insurance covers the same minimum health benefits as other health plans under the Affordable Care Act. They are preventive services, emergency services, prescription drugs, and more. In addition, with catastrophic health plans, you will pay other health-care services in full until you meet your yearly deductible. While cost-sharing expenses may soar, monthly premiums tend to be lower compared to major medical plans.
In addition, catastrophic health coverage protect the policyholder against specific health illnesses and also covers the same essential health benefits as major medical plans once you’ve met the yearly deductible.
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