Should you buy catastrophic health insurance?

Catastrophic insurance is great for people who don’t need to visit the doctor regularly but want to be covered in case of an emergency.

People who have a low regular coverage policy also could benefit from this policy, once again if the person is not in need of regular visits to the doctor.

People with pre-existing conditions such as AIDS, heart diesease, diabetes, emphysema are not accepted in this kind of policy.

WHO BUYS CATASTROPHIC HEALTH INSURANCE?

Healthy young people in their 20’s, as a precaution of a sudden emergency.

Healthy Adults in their 50’s and 60’s who want to protect themselves financially in case of a major need, such as a stroke, heart attack, cancer.

WHAT DOES IT COVER?

Hospital stay

X-Rays

Surgical

HOW MUCH DOES IT COST?

Monthly payments can be as low as $26 a month, for lets say a female who does not smoke.

Yet the deductibles are pretty high: $250, $500, depending on the company and it can go up to thousands.

Many policies offer a lifetime payment cap. This means that you can pay somewhere between $1 million to $3 million, that depends on your choice, and then you will be covered for life and will not be required to pay for any other medical attention you may need.

WHO IS NOT ELIGIBLE?

People who already have a condition, people with high risk jobs or hobbies: truckers, motorcycle riders, scuba divers, etc.