If you are under the age of 30 and have hardship exemptions, you are most likely eligible to buy a catastrophic health plan, which protects you from very high medical costs. Many people buy this type of health insurance to protect them from worst-case scenarios that can happen at any given moment, such as a serious accident or illness.
Catastrophic health insurance plans require you to pay a certain amount of your medical costs, also known as deductibles. Once you have reached the deductible, the catastrophic plan will generally pay for the rest of your essential health benefits. In addition, most catastrophic plans, in comparison to comprehensive plans, have lower monthly premiums.
Three free primary care visits are covered by catastrophic plans each year, regardless if you reach your deductible or not. There are also many free preventive services that the plan covers, such as:
- Alcohol Misuse screening & counseling
- Aspirin Use (to prevent cardiovascular disease)
- Blood Pressure screening
- Cholesterol screening
- Depression screening
- Diabetes screening
- Diet counseling
- HIV screening
These preventative services are beneficial for your health in that they will detect certain illnesses at early stages, furthering you from harm. The sooner a disease is caught or prevented, the sooner you will have access to resources that will improve the state of your health so you can live the highest quality of life possible.
Another important fact to know about catastrophic health plans is that you will not be able to lower out-of-pocket-costs or earn premium tax credits based on your income. Healthcare.gov notes, “Regardless of your income, you pay the standard price for the catastrophic plan,” (About Catastrophic Health Insurance Plans).
In conclusion, you should learn if you qualify for a catastrophic health plan by filling out a Marketplace application, which will then give you an eligibility notice. For more information about obtaining a catastrophic plan, please visit Healthcare.gov’s article here.