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High Deductable Insurance Coverage Options

Catastrophic health insurance, which is also referred to as Major Medical Coverage, is a specialized type of plan that you may wish to purchase if you do not have insurance through your employer or if you prefer not to pay for extra coverage that you do not feel you need.


The primary purpose of this type is to provide you with coverage in the event of a major medical event. Therefore, this coverage generally does not cover routine expenses such as doctor’s visits and prescription drugs. As a result, the premiums for this insurance tend to be low while the deductibles are high.


Since this specialized type of healthcare is intended to cover the expenses associated with major medical events, those expenses that usually are covered include…


  • Hospital stays
  • Surgery
  • Intensive care
  • Diagnostic
  • X-ray
  • Lab tests


Since the expenses covered by this type of insurance tend to be high, plans typically have deductibles of $500 or more. Although this type of plan is meant to cover major health issues, they generally have a maximum on the amount of benefit payments that can be made. In general, this maximum cap falls anywhere within the $1 million to $3 million range. If you reach this maximum cap, medical expenses you incur will no longer be covered by the policy and the policy will be cancelled.


In some cases, it is possible to have maternity expenses covered with one of these policies. Most policies, however, do not cover pregnancy. For those that do, you generally will not be able to enjoy this form of coverage until one full year after the policy is started.


Although this type is available to people of all ages, there are two age groups of people that tend to purchase this coverage the most often. Those that are in their 20s, for example, often purchase this coverage if they are not provided with coverage through an employer. This insurance is ideal for those who are younger since they generally do not suffer from recurring health problems, cannot afford high premiums, and simply need coverage to protect them in case of a major medical event.


People between the ages of 50 and 65 tend to purchase this type of coverage as well. This is because they want to protect themselves in case of a major medical event such as cancer, heart attack, or other serious illness that is more likely to occur in a person of this age. Nonetheless, older individuals interested in this insurance coverage should be on the healthier side if they wish to get the most out of this insurance. For those that make frequent doctor’s visits or that regularly need to take prescription medication, this type of coverage may not be the best option.


It is important to note that pre-existing conditions typically are not covered with this form of insurance. Therefore, if you already suffer from illnesses such as AIDS, emphysema, diabetes, multiple sclerosis, heart disease, schizophrenia or other chronic illnesses, this insurance most likely will not help cover expenses associated with these diseases. If you do not suffer from a pre-existing condition, however, having this insurance in place can go a long way toward preventing a financial disaster if you are stricken by a major illness or involved in an accident.


In order to give yourself piece of mind and to keep your financial future secure, you should seriously consider obtaining Major Medical if you do not already have traditional health coverage. You just might need it someday.

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