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Catastrophic Supplemental Health Insurance
Catastrophic supplemental health insurance is a health insurance policy that protects the insured against serious illness and medical emergencies. This kind of policy can also be called a High Deductible Health Plan, as in it the insured person pays a very low premium, but has to pay very high deductibles. This means that the insured person will have to pay a high cost for routine things like a visit to a doctor or for prescription drugs. So in reality, a person will pay less if he is healthy but will still receive insurance coverage if something disastrous occurs. |
For those who need coverage for serious illness or injury, consider catastrophic supplemental insurance coverage.
Although not comprehensive, catastrophic coverage saves you the devastating expense that life-threatening illness can incur. |
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Catastrophic supplemental health insurance plans cover all personal medical expenses (with a few exceptions) whether incurring in or out of a hospital Catastrophic supplemental health insurance are, therefore, more fair because they reimburse virtually all patients according to the same formula, regardless of the specialties of the attending physician, the location of the treatment, the drug treatment used, or the diagnostic techniques employed. |
A catastrophic supplemental health insurance policy means that once a person pays the deductible he will still pay the same fees whether he is seeing his diabetologist or a general practitioner for a mere physical. There are two types of catastrophic plans: comprehensive and supplemental. In the former plan, the coverage is the same as that of the traditional health insurance plans. In the former plan, one has to pay high deductibles but pay low monthly fees. This plan covers the cost of a trip to an emergency room or a ride on an ambulance. Even with this type of catastrophic insurance plan the amount paid by way of premium is low. In the second kind of insurance plan, which is called supplemental insurance plan, it will supplement the other insurance plans one holds. The second plan covers the cost of medical appliances, nursing care and psychiatric care. In both types of plans, once the insured person meets the cost of the deductible, all other costs are met by the insurance company.
Catastrophic supplemental health insurance is popular among those who are self employed, people whose jobs do not offer health insurance coverage, or people who have very low incomes and are looking for a policy that will cover sudden high medical costs. The ideal buyer for these types of insurance policies for this type of insurance would be an individual who would not require daily prescriptions or needs to see a doctor regularly. The major buyer for catastrophic insurance is people who are old and want to limit their financial exposure in case they suffer a stroke or a heart attack. Having said that, catastrophic insurance will not work if one requires daily prescriptions or needs to see a doctor regularly.
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