Catastrophic Health Insurance Secrets - Save Money and Keep Quality Coverage
Looking for secrets to save money on your health insurance premiums by using catastrophic health insurance? Here are some things that most people don't know that will help you keep quality coverage at an affordable price.
Catastrophic Health Insurance is Very Affordable
Because catastrophic plans are specifically designed to protect against major medical events, and not smaller, everyday expenses, they are much more affordable than traditional health plans. The higher the deductible you choose for your plan, the more affordable your monthly premium will be.
Quality Major Medical Protection (plus extras)
Many catastrophic plans have similar major medical protection. But, there are some things you can look for to make sure you are getting the best coverage for your money.
* First, make sure the plan covers a decent % of your medical expenses after you reach the deductible. Many plans will cover 100% of your expenses after your deductible has been met. Others will cover 90%, 80%, or 70%.
* Second, many plans cover preventive care and minor accidents before the deductible. Make sure you find a plan that has these benefits, if they are important to you.
* Third, make sure you find a plan with a lifetime maximum benefits that's high enough for your needs. Many people feel comfortable with a lifetime benefit of $2,000,000 or higher. Although some plans have benefits of $5,000,000, $10,000,000 and higher.
Exclusive Tax Benefits
Certain catastrophic health insurance plans offer unmatchable tax benefits. "Qualified high deductible health plans" (a type of catastrophic health plan) allow you to open a health savings account (HSA). An HSA can be opened at most banks and credit unions. Once open, you can deposit money into your HSA account pre-tax. This account balance can be used exclusively to pay for medical bills, dental and vision expenses, and more. Best of all, the money comes out tax free. It's the only tax advantaged account of its kind, where money goes in pre-tax, and comes out tax free.
For more tips and free information about these plans, visit my catastrophic health insurance site.
Get a free catastrophic plan quote online!
While you're there, be sure to claim your free copy of my eBook titled "Seven Money-Saving Health Insurance Tips."
Article Source: http://EzineArticles.com/?expert=Jared_J._Balis
Friday, January 14, 2011
Tuesday, January 11, 2011
Catastrophic Health Insurance Plans
Catastrophic Health Insurance Plans
Catastrophic health insurance coverage reduces rates by covering major medical expenses at extremely affordable premiums. Most large health insurers such as Blue Cross, Aetna, UnitedHealthCare, Cigna and Assurant offer this type of coverage for their individual and family plans. Also, short-term temporary plans tend to feature catastrophic benefits instead of routine medical expenses.
Typically, catastrophic health insurance policies provide coverage for inpatient and outpatient hospital expenses, emergency room charges, anesthesia, X-rays and lab tests, surgical expenses and professional fees of doctors, surgeons and other medical providers. Occasionally, preventive benefits will be provided. However, most catastrophic plans do not pay for office visit and prescriptions. Occasionally, limited office visit benefits may be covered, but a deductible will probably apply.
A "High Deductible Health Plan" (HDHP) is another form of catastrophic coverage. An HDHP is an inexpensive health care plan that typically does not pay for the first several thousand dollars of medical expenses. However, after those expenses have been paid (your deductible), the policy pays 80%-100% of remaining expenses. HDHP plans are required if you are going to open up a Health Savings Account (HSA). However, you are also able to take out an HDHP without using the HSA feature.
HSAs are affordable alternatives to traditional health care designed to use tax-deductible funds to pay for eligible medical, dental and vision expenses. This type of account allows consumers to have more control over how they spend their health care dollars. Rates also are lower than traditional medical insurance plans, allowing for additional funds to be deposited into the HSA Account. Self-employed individuals and families often purchase HSAs to reduce costs and take advantage of the tax benefits. Any funds that are not used by the end of the calender year can be rolled over to the next year.
Catastrophic health insurance plans are ideal options when you are primarily concerned with covering major expenses and are willing to pay a relatively high amount of out-of-pocket money for these types of claims. Generally, over time, the money saved by purchasing these types of plans more than offsets your out-of-pocket losses. Of course, you can lower the deductible on a catastrophic plan to reduce the rate that you pay. Many insurers will offer deductibles as low as $500.
High deductible plans are growing in popularity as premiums health care premiums continue to rise. Although this type of coverage does not meet every person's needs, as national health care reform forces rates up, catastrophic health insurance, if available, will continue to be a very popular choice. If future state health insurance exchanges do not offer high-deductible plans, policies will be able to be purchased outside of the Exchanges.
Low cost catastrophic health insurance plans are available through majormedicalhealth.com, the nation's premier resource for affordable health insurance plans. Instantly, you can view, compare or apply online for high quality medical coverage. Low cost medical insurance plans are only a click away.
Article Source: http://EzineArticles.com/?expert=Ed_Harris
Catastrophic health insurance coverage reduces rates by covering major medical expenses at extremely affordable premiums. Most large health insurers such as Blue Cross, Aetna, UnitedHealthCare, Cigna and Assurant offer this type of coverage for their individual and family plans. Also, short-term temporary plans tend to feature catastrophic benefits instead of routine medical expenses.
Typically, catastrophic health insurance policies provide coverage for inpatient and outpatient hospital expenses, emergency room charges, anesthesia, X-rays and lab tests, surgical expenses and professional fees of doctors, surgeons and other medical providers. Occasionally, preventive benefits will be provided. However, most catastrophic plans do not pay for office visit and prescriptions. Occasionally, limited office visit benefits may be covered, but a deductible will probably apply.
A "High Deductible Health Plan" (HDHP) is another form of catastrophic coverage. An HDHP is an inexpensive health care plan that typically does not pay for the first several thousand dollars of medical expenses. However, after those expenses have been paid (your deductible), the policy pays 80%-100% of remaining expenses. HDHP plans are required if you are going to open up a Health Savings Account (HSA). However, you are also able to take out an HDHP without using the HSA feature.
HSAs are affordable alternatives to traditional health care designed to use tax-deductible funds to pay for eligible medical, dental and vision expenses. This type of account allows consumers to have more control over how they spend their health care dollars. Rates also are lower than traditional medical insurance plans, allowing for additional funds to be deposited into the HSA Account. Self-employed individuals and families often purchase HSAs to reduce costs and take advantage of the tax benefits. Any funds that are not used by the end of the calender year can be rolled over to the next year.
Catastrophic health insurance plans are ideal options when you are primarily concerned with covering major expenses and are willing to pay a relatively high amount of out-of-pocket money for these types of claims. Generally, over time, the money saved by purchasing these types of plans more than offsets your out-of-pocket losses. Of course, you can lower the deductible on a catastrophic plan to reduce the rate that you pay. Many insurers will offer deductibles as low as $500.
High deductible plans are growing in popularity as premiums health care premiums continue to rise. Although this type of coverage does not meet every person's needs, as national health care reform forces rates up, catastrophic health insurance, if available, will continue to be a very popular choice. If future state health insurance exchanges do not offer high-deductible plans, policies will be able to be purchased outside of the Exchanges.
Low cost catastrophic health insurance plans are available through majormedicalhealth.com, the nation's premier resource for affordable health insurance plans. Instantly, you can view, compare or apply online for high quality medical coverage. Low cost medical insurance plans are only a click away.
Article Source: http://EzineArticles.com/?expert=Ed_Harris
Monday, January 10, 2011
Catastrophic Health Insurance Coverage
Catastrophic Health Insurance Coverage
A catastrophic or major medical insurance plan is a deductible and comparatively cheaper form of health insurance with an element of speculation to it. A deductible is the amount you pay out of your pocket for medical expenses before the insurer pays the balance. For instance, if your deductible is $5,000 and the hospital bill is $12,000, the insurance company will pay only $7,000. The general rule is the higher the deductible, the lower the premium. When you opt for this plan, you're gambling that you will not face major medical problems in the near future.
It is a calculated risk. According to one survey, the annual medical expenses of 90% of the U.S. population are less than $2000; for 73%of the population, it is below $500.
Two groups that normally opt for catastrophic health insurance are young people in their twenties who are confident of their health condition, and older men between fifty and sixty-five who are still waiting for Medicare eligibility.
Catastrophic health insurance coverage is only meant to protect against major hospital charges and not routine medical expenses. It normally does not cover maternity care, doctor's visits and prescription drugs. Certain pre-existing medical conditions and cases involving mental health and substance abuse are usually excluded from the coverage. A catastrophic health insurance policy can be purchased as an individual plan or as part of a group plan. In fact, there appears to be a trend among employers to encourage employees to opt for this type of medical cover. The maximum lifetime limit could be as high as $3 million.
Rates vary according to where you live and your age. In certain states, the saving on premiums could be two-thirds. For example, a 21 year old, non-smoking female may pay as little as $30 per month as a premium.
It is advisable to seek professional guidance from insurance companies and/or agents and compare quotes before making a decision.
Health Insurance Coverage provides detailed information about health insurance coverage, individual health insurance coverage and more. Health Insurance Coverage is affiliated with Individual Health Insurance Quotes.
Article Source: http://EzineArticles.com/?expert=Kent_Pinkerton
A catastrophic or major medical insurance plan is a deductible and comparatively cheaper form of health insurance with an element of speculation to it. A deductible is the amount you pay out of your pocket for medical expenses before the insurer pays the balance. For instance, if your deductible is $5,000 and the hospital bill is $12,000, the insurance company will pay only $7,000. The general rule is the higher the deductible, the lower the premium. When you opt for this plan, you're gambling that you will not face major medical problems in the near future.
It is a calculated risk. According to one survey, the annual medical expenses of 90% of the U.S. population are less than $2000; for 73%of the population, it is below $500.
Two groups that normally opt for catastrophic health insurance are young people in their twenties who are confident of their health condition, and older men between fifty and sixty-five who are still waiting for Medicare eligibility.
Catastrophic health insurance coverage is only meant to protect against major hospital charges and not routine medical expenses. It normally does not cover maternity care, doctor's visits and prescription drugs. Certain pre-existing medical conditions and cases involving mental health and substance abuse are usually excluded from the coverage. A catastrophic health insurance policy can be purchased as an individual plan or as part of a group plan. In fact, there appears to be a trend among employers to encourage employees to opt for this type of medical cover. The maximum lifetime limit could be as high as $3 million.
Rates vary according to where you live and your age. In certain states, the saving on premiums could be two-thirds. For example, a 21 year old, non-smoking female may pay as little as $30 per month as a premium.
It is advisable to seek professional guidance from insurance companies and/or agents and compare quotes before making a decision.
Health Insurance Coverage provides detailed information about health insurance coverage, individual health insurance coverage and more. Health Insurance Coverage is affiliated with Individual Health Insurance Quotes.
Article Source: http://EzineArticles.com/?expert=Kent_Pinkerton
Looking for catastrophic health insurance ?
Looking for catastrophic health insurance? Want to know how to get the best rate with a reputable company? Here's how ...
Catastrophic Health Insurance
Catastrophic health insurance, also known as major medical insurance, is a type of health insurance that pays for major medical and hospital expenses but does not pay for visits to your doctor, prescription drugs, or maternity care. Most plans cover hospital stays, surgeries, intensive care, Xrays, and other hospital fees.
Catastrophic health insurance is the cheapest of all health insurance. Deductibles - the amount you pay for a claim before your insurance company will pay - start at $500 and go up to $5,000 or more. Most plans have a lifetime maximum benefit, known as a cap, of $1 million to $3 million. Once you reach your cap you can no longer receive benefits and your policy is canceled.
If you have a particular pre-existing condition such as AIDS, heart disease, diabetes, multiple sclerosis, or emphysema, you may not be able to get a catastrophic health insurance plan.
Catastrophic health insurance may be a good health insurance plan for you if you're relatively healthy, take few or no prescription drugs, and want to save money on your health insurance. This plan may also be a good choice if you're retired and not yet eligible for Medicare benefits.
Questions to Consider
Before you purchase a catastrophic health insurance plan you need to ask yourself:
1. How much does the plan cost?
2. What does it cover and what is the lifetime maximum benefit?
3. Can I afford to pay for doctor visits and prescriptions drugs?
4. How much is the deductible and can I afford it?
Getting Cheap Catastrophic Health Insurance
In order to get the best price on catastrophic health insurance you need to compare rates. The easiest way to do that is to go online and visit an insurance comparison website.
Once there you'll be asked to fill out a simple questionnaire with your health history and the type of insurance you want. After you fill out the questionnaire you'll get health insurance quotes from a number of A-rated insurance companies.
The best comparison websites have an insurance professional on call so you can get answers to your health insurance questions. They also have an "Articles" or "FAQs" section with information about health insurance.
Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get catastrophic health insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.
The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on catastrophic health insurance.
Article Source: http://EzineArticles.com/?expert=Brian_Stevens
Catastrophic Health Insurance
Catastrophic health insurance, also known as major medical insurance, is a type of health insurance that pays for major medical and hospital expenses but does not pay for visits to your doctor, prescription drugs, or maternity care. Most plans cover hospital stays, surgeries, intensive care, Xrays, and other hospital fees.
Catastrophic health insurance is the cheapest of all health insurance. Deductibles - the amount you pay for a claim before your insurance company will pay - start at $500 and go up to $5,000 or more. Most plans have a lifetime maximum benefit, known as a cap, of $1 million to $3 million. Once you reach your cap you can no longer receive benefits and your policy is canceled.
If you have a particular pre-existing condition such as AIDS, heart disease, diabetes, multiple sclerosis, or emphysema, you may not be able to get a catastrophic health insurance plan.
Catastrophic health insurance may be a good health insurance plan for you if you're relatively healthy, take few or no prescription drugs, and want to save money on your health insurance. This plan may also be a good choice if you're retired and not yet eligible for Medicare benefits.
Questions to Consider
Before you purchase a catastrophic health insurance plan you need to ask yourself:
1. How much does the plan cost?
2. What does it cover and what is the lifetime maximum benefit?
3. Can I afford to pay for doctor visits and prescriptions drugs?
4. How much is the deductible and can I afford it?
Getting Cheap Catastrophic Health Insurance
In order to get the best price on catastrophic health insurance you need to compare rates. The easiest way to do that is to go online and visit an insurance comparison website.
Once there you'll be asked to fill out a simple questionnaire with your health history and the type of insurance you want. After you fill out the questionnaire you'll get health insurance quotes from a number of A-rated insurance companies.
The best comparison websites have an insurance professional on call so you can get answers to your health insurance questions. They also have an "Articles" or "FAQs" section with information about health insurance.
Visit http://www.LowerRateQuotes.com/health-insurance.html or click on the following link to get catastrophic health insurance quotes from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.
The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on catastrophic health insurance.
Article Source: http://EzineArticles.com/?expert=Brian_Stevens
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