Healthfirst Catastrophic Plan vs. Fidelis Care Catastrophic Plan

Open enrollment for 2021 is just around the corner, meaning now is an excellent time to review current health insurance plans available on the exchange. Concerning individual and family plans, there are four different metal tiers of insurance coverage, starting with bronze which offers the lowest level of cost-sharing.

However, if you meet specific requirements, you may be able to take out what is known as a catastrophic plan. We're comparing two providers who offer these types of insurance plans.  

What Are Catastrophic Health Insurance Plans?

Catastrophic health insurance plans are deliberately designed for individuals who are young, fit, and healthy. These individuals are therefore unlikely to require medical attention unless in case of a catastrophe.

With that in mind, these plans have low monthly premiums and extremely high deductibles. Only after the deductible has been met will the insurer pick up the remaining costs with no further co-pay or coinsurance contributions.

Is a Catastrophic Plan the Right Fit for Me?

If you‚re considering a catastrophic plan, the first thing you should do is find out whether or not you are eligible. In almost all cases you must be under the age of 30 to take out a plan of this type.

The only other way you can qualify over the age of 30 is through a hardship or affordability exemption (based on the Marketplace or job-based insurance being unaffordable). If you qualify through these means, you are able to take out this insurance plan at any age. However, even if you do qualify for a catastrophic plan, you should always consider your family's medical history, your current medical needs, and any underlying conditions.

If you have an underlying condition or have a family history of chronic conditions, a catastrophic plan may not be the right choice for you. You can learn more about the metal tiers, and other important information regarding choosing the best health insurance here.