Catastrophic Health Insurance in Arizona
Catastrophic Insurance May Be What Your Are Looking For
Many Arizona residents live day to day without health insurance. Why? The cost of many health insurance plans is beyond their budget. In fact, recent studies concluded that 25% of Americans went without insurance last year for a period of time.
There also continues to be a lot of controversy over the Affordable Care Act or what is commonly referred to as Obamacare. It is no wonder that Americans without group insurance plans, are reluctant or unable to buy health insurance. Catastrophic health insurance may be what you need if you are looking for low insurance premiums and major medical coverage.
High Deductible Health Plan
Catastrophic health insurance is also known as a high deductible health plan (HDHP) or major medical insurance. There are differences between these insurance plans, but they all have high deductibles in common. If you can find a way to pay for occasional doctor appointments and medications, but sudden, serious illness or an accident would ruin you financially, you should read more.
Here is some information on this cost saving health insurance strategy.
- A deductible is the amount you pay out of pocket before your insurance kicks in. So with a catastrophic plan you choose a higher-than-normal deductible, usually between $500 and $2,000, depending on your insurer.
- You agree to cover your own medical costs up to that deductible amount.
- You agree to cover the expense of your own routine health care costs, like doctor visits, medications and such.
- Once you spend up to your deductible, your insurance company covers 80-100 percent of your medical costs (with certain restrictions).
- Medical procedures that can help diagnose catastrophic illnesses are generally covered. This includes medical procedures such as x-rays, hospital visits, lab tests, surgery and intensive-care stays, to name just a few.
Who Should Consider a High Deductible Health Plan?
High deductible plans are a good option for those who can afford to pay for doctor visits and are healthy. It is a good choice for those who do not have regular or chronic health care expenses. This is a great plan for young adults just getting started on their careers or just out of college. If your employer doesn’t offer health insurance, this would also be a plan to consider. Eligible HDHPS are often accompanied by a health savings account (HSA) which is a tax-advantaged bank account that can use for health care costs.
It is always a good idea to talk to a qualified health insurance agent and discuss your options. It is also smart to shop around for the best savings in medical coverage. By comparing quotes from multiple insurers you can save a considerable amount of money.
Important Questions to Ask
A high deductible (HDHP) plan is designed to protect you from catastrophic medical costs while encouraging you to shop wisely for routine health care. Ask yourself these questions before purchasing a policy:
- How much is the deductible?
- How much are the premiums (payable monthly, quarterly or yearly)?
- Are these calculations in line with my/my family’s budget?
- How much coverage do I/we really need?
- Can I/we afford to cover my/our own doctors’ visits and prescriptions?
- Do I/we have any preexisting conditions requiring frequent medical visits or treatments?
- Am I/are we a generally healthy individual/family?
- What is the lifetime annual benefit (the yearly limit your insurer will cover)? Will this meet my/our needs?
Start now by getting 5 free quotes online from comparison websites and they can help you match up to local agents in Arizona. Its fast, free and there is no obligation to buy.