Many of us are living from paycheck to paycheck and making cuts where we can. One of the things we look towards is our medical insurance. The increasing cost of premiums force us rethink our options such as Catastrophic Medical insurance we have more money going out then coming in and we are forced to balance this some how.
American’s are smart and realize that the lack of health insurance could end a disaster. So instead of going uninsured they are opting for a catastrophic policy. Catastrophic policies are some of the most affordable plans. It is a safe alternative to nothing.
There are some things to consider before dropping your current plan. We will discuss those below. Even though we are struggling in today’s economy we need to consider long term affects as well as current finances.
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If you are an individual that has health conditions that require regular office visits this kind of plan may not be beneficial. They typically have high deductibles that must be met, before they share any cost.
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If you are not a person that finds yourself at the doctor’s office often and feel you are healthy then this kind of plan may suit you. It would still give you coverage just incase an expensive illness or accident occurred.
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These plans do not offer you benefits that are typical, like office visit, prescription or emergency room co pays. You will have to pay these expenses should they occur. So you need to make sure you would be able to do without these benefits.
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Another less stringent alternative that some consumers like are HSA’s. Or Health Savings Account. They allow you to make a contribution to an account. In return you can use those funds to help pay your out of pocket expenses. These plans are affordable in comparison. Your annual preventative exam may be covered as well.
All in all, it is never a good idea to go uninsured. A catastrophic plan is a perfect alternative. If you are just trying to cut cost you need to carefully consider all your options and make a wise decision.
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