Catastrophic Health Insurance
Catastrophic health insurance plans have lower monthly premiums and very high deductibles.
The deductible is usually set at the maximum out-of-pocket allowed by the ACA.
♦ For 2023, the maximum out-of-pocket is $9,100 for an individual and $18,200 for families.
They may be an affordable way to protect yourself from worst-case scenarios, like getting seriously sick or injured.
♦ You pay most routine medical expenses yourself.
Catastrophic health plans are plans that meet all of the requirements applicable to other Qualified Health Plans (QHPs).
Catastrophic plans cover essential health benefits required by the Affordable Care Act.
♦ Catastrophic plans cover certain preventive services like shots and screening tests at no cost and at least 3 primary care visits per year..
The premium amount you pay each month for health care is generally lower than for other QHPs, but the out-of-pocket costs from deductibles, copayments, and coinsurance are generally higher.
• To qualify for a catastrophic plan, you must be under 30 years old or qualify for a "hardship exemption."
• What You Need to Understand about Catastrophic Plans