Top Reasons to Buy Catastrophic Health Insurance
Catastrophic plans are only available to people under 30, or people 30 and older who qualify for a hardship exemption (meaning that due to financial hardship. Or certain other hardships, such as the death of a member of the family, the person would not be required). pay a penalty for failing to maintain health insurance coverage).
Regardless of age or income, catastrophic plans used to be available to people whose health insurance policies were canceled because they did not comply with the ACA. But that exemption was no longer available after the end of 2016.
Catastrophic Health Insurance
Although the individual mandate penalty of the ACA will be eliminated after the end of 2018. The mandate itself will continue to exist, there simply will not be a sanction for non-compliance.
Therefore, people will still be able to request exemptions for difficulties in gaining access to catastrophic plans. And the Trump Administration expanded access to hardship exemptions in April 2018. Allowing exemptions for people in areas where all plans cover abortions, areas where only one insurer (or zero insurers) offers plans in the exchange. Or where a new one is created. personal difficulty due to the options of plans available in the exchange.
Family health insurance for seniors
In particular, the provision for people in areas where only one insurer offers plans in the exchange makes an exemption for difficulties for many more people. Allowing them to buy a catastrophic plan (although without subsidies for premiums. Making this an alternative realistic only for people who are not eligible for subsidies).
Catastrophic insurance plans are available both inside and outside of the ACA health insurance exchanges, but hardship exemptions for those over 30 years old must be obtained from the exchange.
If you are eligible for a catastrophic insurance plan and purchase health insurance in your state exchange, you will see that option in addition to the Bronze, Silver, Gold and Platinum plans. If you are not eligible, it will not appear as an option.
How can I qualify for a catastrophic plan?
Although the ACA sets strict limits on who can buy a catastrophic plan, Colorado lawmakers approved a bill in 2018 that calls for a study on how expanded access to catastrophic plans would affect the Colorado insurance market, both in terms of total subsidies received by Colorado residents, and global premiums. Depending on the outcome of the study, the state will request an exemption from the federal government to allow anyone to purchase a catastrophic plan.
Catastrophic plans: high deductibles, in addition to primary care and preventive care
The catastrophic plans cover all the essential benefits defined by the ACA, but with very high deductibles, equal to the annual limit of out-of-pocket costs under the ACA (for 2018, this is $ 7,350 for a person).
They should still limit the members’ out-of-pocket costs for in-network services to no more than the annual out-of-pocket maximum that applies to all plans (the limit is $ 7,350 for a person in 2018).
Catastrophic senior health insurance over 50
Catastrophic plans cover at least three primary care visits per year before the deductible is met (co-payments may apply for these visits, but the catastrophic health insurance over 50 company will pay at least part of the cost, even if it has not met its deductible). And like all plans that comply with ACA, catastrophic plans cover preventive care without cost sharing.
The insured will pay for other services beyond preventive care and some primary care until the deductible is met.
Subsidies can not be used to offset the cost of catastrophic plans
Premium subsidies are not available for catastrophic plans (or cost-sharing subsidies, which are only available in Silver plans). Depending on your income, you may be eligible for a subsidy that you could apply for for a metal-rated plan. This could make a Bronze or Silver plan even cheaper than a catastrophic plan.
Due to health care reform, almost all Americans must have health insurance. A catastrophic plan can be an option if you:
I can not or I do not want Medicaid.
They are under 30 years old.
They are over 30 years old and meet the guidelines for a hardship exemption.
This includes people whose plan was canceled by your insurer or small group employer.
What is a catastrophic plan?
Catastrophic plans have low monthly payments but a high deductible. A deductible is the amount you pay for health care services before your insurance begins to pay. Once you meet your deductible, our Blue Cross® Value (catastrophic) plans pay 100 percent of most services. Medical treatment for a serious illness or accident can cost thousands of dollars. Then, you can see how these plans protect you from catastrophic expenses and how they are better than no insurance.
Here are some other things you should know about catastrophic plans:
They cover the same essential health benefits as other plans, including preventive care.
A subsidy can not be applied to catastrophic plans.
They are not paired with a health savings account.
How do I get a catastrophic plan?
You can start by reviewing our catastrophic plans. If all the people who will be covered by your plan are under 30, select Get a quote to get a price and apply.
If you are over 30 and want to see if you meet the hardship exemption guidelines, visit healthcare.gov for more information.
- Top Reasons to Buy Catastrophic Health Insurance Quotes in Compare Rates.