| When deciding on a catastrophic health insurance | | | | that offer $2,000,000 all the way up to $25,000,000 |
| deductible, it's important to take into consideration a | | | | lifetime maximums. |
| number of things. | | | | Is the insurance company giving you a fair price for the |
| What is the most money you could come up with in | | | | risk you are taking on? |
| the event of a major medical event? | | | | The higher the deductible, the lower the price. A good |
| This will help you determine what deductible you or | | | | method for deciding if you are looking at a fair price is |
| your family can safely handle. The idea is to take on | | | | to take subtract the medical deductible you have now |
| as much risk as you can, to lower your monthly | | | | from the medical deductible you are considering. Let's |
| premium, but not get yourself in trouble by choosing a | | | | say right now, you have a $500 deductible and you |
| deductible that's too high. | | | | are considering a $5,000 deductible catastrophic health |
| Does the deductible you are considering apply to the | | | | plan. The difference is $4,500. If you are paying $600 |
| whole family, or is it per person? | | | | for your current plan and the new plan costs $150 per |
| If you choose a deductible of $5,000, that could mean | | | | month, you are saving $450 per month in premiums, or |
| two things. Either it's $5,000 per person per year, or it's | | | | $5,400 per year. A good rule of thumb is, if you can |
| $5,000 for the whole family. It's important to know how | | | | save approximately the difference in deductible |
| your deductible applies before applying for a | | | | ($4,500 in this case), in one year, then it's probably a |
| catastrophic health insurance plan. | | | | good deal. |
| What is the annual maximum and what is the lifetime | | | | The bottom line |
| maximum? | | | | Make sure you do your research before moving from |
| The whole idea behind a catastrophic health insurance | | | | your current plan to a catastrophic health insurance |
| plan is to take on the everyday expenses yourself, but | | | | plan. Be sure the price/benefit ratio is worth the move. |
| make sure that you are covered for major medical | | | | Also, be sure that you can handle a major medical |
| events. If a plan is offering a $1,000,000 lifetime | | | | expense in the event of an emergency, or unexpected |
| maximum benefit and a $250,000 annual maximum | | | | medical event. If you do your research, moving to a |
| benefit, you may want to consider looking at a | | | | catastrophic health insurance plan can be very |
| different plan. It's quite possible to go over $250,000 in | | | | rewarding! |
| one year and $1,000,000 in a lifetime. There are plan | | | | |