Catastrophic Medical Insurance

I am interested in a catastrophic medical insurance plan for a family of 4.

Answer:


This kind of coverage is also called major medical health insurance. This kind of coverage typically has high deductibles and low premiums. Most of these plans will only pay for hospital stays, surgery, intensive care and other high-priced care. Generally, you will be paying for doctor's visits and any other procedures that are less than the deductible.

The deductible will usually be $500 or more. In addition, you may face a lifetime cap on the amount of benefit that you can receive from the insurer. The cap will normally be between about $1 million and $3 million. If you reach this cap, your insurer will no longer pay your claims, and your policy will be voided.

Generally, pregnancy care will not be covered.

As a result, this type of policy is usually preferred by the young and healthy (who aren't expecting any major medical occurrences) or middle aged adults from 50 to 65, are still healthy, no longer have dependents and have enough money to cover their medical expenses. The attraction of these policies is that they are MUCH cheaper than other kinds of health insurance.
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