No one wants to think about catastrophes in health care: the broken leg, the heart attack or the cancer diagnosis. But the truth is, these are risks we all live with each day. Even if they never happen to you, it’s important to have health insurance coverage in the unlikely event that they do.
Health insurance for a catastrophe
Catastrophic and short-term health insurance plans are tailor-made for scenarios like the ones listed above. One of the great things about these plans is that if you’re looking for coverage on the Marketplace, these types of plans can be obtained outside the open enrollment period. They are also often cheaper than other types of plans because they represent the bare minimum of coverage that’s considered advisable.
A few caveats
However, there are a few important things to keep in mind if you’re considering purchasing ONLY catastrophic or short-term coverage. These plans do not have to meet the requirements of the ACA (Affordable Care Act). Among other limitations, they don’t have to cover preventive care or pre-existing conditions. They also don’t qualify for government subsidies.
Preparation is the best medicine
No matter what health care insurance you choose, you need to be prepared for worst-case scenarios. Talk to your insurance broker today about which plan is right for you.