Catastrophic Health Insurance Coverage

A catastrophic health plan provides coverage for medical emergencies or accidents. It helps pay your medical bills in case you are badly injured in an accident or suddenly become seriously ill.

Catastrophic plans are best for people who do not visit the doctor often, but want to be covered "just in case."

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Why choose a catastrophic insurance plan? They are among the most affordable options available.

Health plans for catastrophic coverage typically feature low premiums. That means you pay less every month to stay covered than other kinds of plans. But remember, these plans do have a high deductible —and you have to meet the deductible before the plan’s insurance coverage kicks in.

It’s a good idea to open a Health Savings Account (HSA) in conjunction with your catastrophic plan. An HSA is a tax-exempt account that you or your employer can contribute money to put towards qualified medical expenses. In order to become eligible for an HSA, you have to enroll in a high-deductible health plan.

The IRS sets regulations regarding what kind of plans are eligible alongside a Health Savings Account. For 2013, a catastrophic health insurance plan must have a deductible of at least $1,250 for individuals and $2,500 for families.