Catastrophic Health Insurance in Colorado
You have probably come to this site because you are a Colorado resident looking for affordable health insurance. Catastrophic health insurance is one of the more affordable options to consider.
Benefits of this Plan
The pros of taking on catastrophic health care insurance are many. First of all, you are charged lower premium amounts per month or year, resulting in substantial cost savings on a periodic basis. Secondly, you can put away money that you would normally pay as health insurance premiums into an HSA, Health Savings Account, that will go towards your retirement. Finally, you will be covered financially and medically in the event of a catastrophic injury such as an accident or serious illness.
Who Should Consider this Plan?
People who choose this policy are generally healthy and do not require regular medical attention but want a safety net in case of emergency.The two primary groups of people who buy catastrophic health insurance are young adults in their 20s and adults between the ages of 50 and 64.
Young adults usually purchase this type of health insurance because they are either self employed or are employed but do not receive sufficient health insurance coverage from their employers. This is also popular with college students who are not covered under their parent’s insurance.
Older adults usually purchase catastrophic health insurance to protect themselves and limit their financial liability in case they suffer a heart attack, stroke, are diagnosed with cancer, etc. They are usually rather healthy to begin with and do not require regular doctor visits or prescriptions. People with preexisting conditions (AIDS, emphysema, heart disease, diabetes, etc.) are usually not eligible for catastrophic health insurance. There are plans in Colorado that help residents with pre-existing conditions to get insurance.
Catastrophic Health Insurance or a HDHP with an HSA, are affordable options for health insurance in Colorado. If you are considering a high deductible health plan, talk to a qualified insurance agent. Make sure you understand how the plan works and what it covers. Figure out if you can afford the deductible and how much the out-of-pocket expenses will cost you.
Always get several quotes online when considering any health insurance or any insurance for that matter.
If you are a good candidate for catastrophic health insurance, you will save money each year compared to a more traditional health plan. You will have a safety net in the event a catastrophic illness or accident.