Affordable Catastrophic Medical Insurance Coverage

Now, more than ever, its important to find affordable Medical Insurance that has good benefits. Because medical costs have risen so much over the past few years, Americans have been forced to take on higher deductibles, less coverage, and more expenses by themselves. While catastrophic Medical Insurance is very affordable, the benefits may be a richer than you think.

Lifetime Maximums

Many catastrophic medical plans have high lifetime maximum benefits. This will benefit you in the case of a major medical expense. Some full benefit plans have lifetime maximum benefits ranging from $25,000 to $5,000,000. Most catastrophic insurance plans that I have seen have lifetime maximum benefits ranging from $2,000,000 all the way up to $25,000,000. This gives you or your family peace of mind that you will have coverage during a major medical event.

Better Coverage After the Deductible

Many catastrophic medical plans have 100% coverage after you have met your deductible. Many full benefit plans will only cover 90%, 80%, or 70% of your medical expenses once your deductible has been met. This can leave you or your family with more expenses then you may have expected.

Tax Benefits

Qualified high deductible health plans are the most popular form of affordable catastrophic medical Insurance coverage. The Internal Revenue Service has qualified these plans to be used with health savings accounts. Health savings accounts allow you to deposit money pre-tax into a financial account that you are in control of. You or your family can use money from your health savings account to pay for medical expenses, dental, vision expenses, and more. Best of all the money goes into your account pre-tax and comes out tax free. This can be a huge advantage if you are in a high tax bracket and/or self-employed.

Although catastrophic insurance coverage sounds as if you may be sacrificing coverage to lower your premium, there are many clear advantages to going with this catastrophic medical plan. Best of all, opting to have a catastrophic medical plan, as opposed to a plan with all the bells and whistles, will lower your medical insurance premium drastically.

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