Finding the right catastrophic health insurance coverage can be a hassle. On top of that, it’s not always easy to know whether you are getting the best coverage at the right price. Here’s how to find catastrophic health insurance coverage that is affordable and also has quality coverage:
Compare Pricing for Different Plans
I can’t stress this enough. Look at multiple companies and plans before deciding on one. Even if a plan comes highly recommended, that doesn’t necessarily mean it’s the right plan for you or your family. Each company uses a different pricing method and, depending on your age, gender, family status, and where you live, plans can vary greatly in cost.
Compare Benefits for Different Plans
Benefits for catastrophic health insurance coverage can vary greatly from one pan to the next. Here are some things to look for when comparing plans:
- What is the out of pocket maximum (the most you would spend in one year – worst case scenario)?
- What is the lifetime maximum benefit (how much would the plan pay over a lifetime)?
- What is the coverage after you reach the deductible (100%, 80%, 70%, or different)?
- Is this plan “health savings account eligible”? If so, you will qualify for additional tax benefits.
- Does the plan cover preventive care, or anything else, before you are required to pay toward the deductible?
Check Your Doctor(s) and Hospitals
It’s important to know if the doctors you use are on the network, if you wish to continue to see them. Many plans networks overlap, so doctors do accept multiple plans. The last thing you want to do is assume that a doctor is on the network, only to find out they are not.
Also, be sure that the hospital(s) you use are in-network for the plan you choose. Most plans cover any hospital if it’s an emergency (check with your plan to make sure) but for non-emergent care, you want to make sure you have some options close to home.