5 Ways to Save with a Catastrophic Plan
Built for healthy youngsters under the age of 30, a Catastrophic Plan* often boasts the lowest price tag and offers the simplest health benefits. This unique plans not only covers you where you need it most (if you get really sick or in case of, well, a catastrophe) but also helps keep you healthy throughout the year.
Friday’s Catastrophic Plan gives you even greater value with three free doctor visits and unlimited $0 virtual doctors visits through Teladoc. Does this plan sound like it could be a good fit for you? Below we’ve weighed the pros and cons of the Catastrophic Plan, while outlining five ways to save with our most wallet-friendly plan.
Oh, and if you’re reading this and you’re 26-years-old, know that this article was written especially for you. The year in your adult life has arrived: You are no longer covered on your parents’ health insurance plan.
That might sound daunting but buying health insurance is much easier than you think! And if you ever have any questions or get tripped up on anything, please reach out to our health insurance experts at: firstname.lastname@example.org. We’re here to help!
1) Young and healthy? Get a safety net, not a catch-all
Being uninsured is a risky decision for obvious reasons, but it also isn’t great to be over-insured. That is, paying for insurance coverage beyond what is necessary based on how healthy you are. Consider what healthcare services and drugs you’ll likely use for the whole year. If you’re under 30, don’t have a chronic illness, only see the doctor a handful of times a year, and have minimal generic prescriptions, it doesn’t make sense to have the Tesla of health insurance plans. That's when you'd get a Catastrophic plan and not a Silver or Gold one.
With a lower premium and essential healthcare benefits, a Catastrophic Plan covers what you need most, and protects your wallet in case of an unexpected emergency, so you can keep living life to the fullest without emptying your bank account. The difference between a Catastrophic Plan and, say, a Silver Plan, could amount to thousands of dollars over the course of the year.
2) Find a Catastrophic Plan that has great benefits BEFORE you hit your deductible
If you’re getting a Catastrophic Plan, you’ll have a lower premium with a higher deductible (what you need to spend before your insurance pays for part or all of your medical care). This means it’s all the more important to pick a plan with health benefits that your insurance pays for before you reach your deductible.
As you shop for your plan, think about which health services you’ll actually use in the upcoming year. (Think: filling a prescription for birth control, or a doctor visit for that sinus infection you always seem to get). Then, review the health plan options to see if any of these services are covered before your deductible kicks in.
For reference, below is what our Catastrophic Plan benefits look like before you hit your deductible:
A Catastrophic Plan is perfect for someone like Kat who just turned 26 and left her parents health plan or Jack who is a consultant and just graduated from college.
- Three free in-network primary care visits, and that’s after your annual wellness visit
- Unlimited $0 Teladoc appointments for medical AND mental health counseling visits** whenever you need them!
- $0 preventive ACA drugs, including free vaccines and free birth control
3) Have kids? Consider a child-only Catastrophic Plan even if you have insurance through work
A child-only plan is a health insurance policy where no parent or guardian is covered and the policyholder is 18-years-old or younger. The child (or children) is the only one on the health plan.
Often, mom and dad are on a health plan from work that either won’t cover children or would cost a lot of money to do so. In this case, a child-only Catastrophic Plan could be a great, cost-effective health insurance solution, saving the family money and covering kids with a simple, useful health plan.
And with 3 free doctor visits per child and unlimited $0 Teladoc appointments, you’ll be getting very good value for services you know you’ll likely use.
5) Going uninsured is risky business -- don’t risk a catastrophe
Do you think since you haven’t been to the doctor in years and don’t have any prescriptions, so it’s smarter to just skip insurance altogether? Helpful Hint: it’s not smarter.
You’re leaving yourself open for financial catastrophe. Without health insurance, a car accident or major unexpected illness can turn into bankruptcy in a matter of weeks.
Every day you’ll need to worry about avoiding injury or illness—forget carefree skiing, travel, dance parties, bike rides, or commuting with germy passengers. That’s a heavy burden to bear, not to mention the cost of getting treated if you do crash or get sick.
Get a Catastrophic Plan at the very least, or risk saving a dime to spend a dollar (or a few thousand).
We know that health insurance can be tricky, so if you have any questions this enrollment season, feel free to email our Friday Care Crew at email@example.com. We’re happy to help!
*Not offered in New Mexico
**$0 Teladoc Mental Health Visits apply to members 18+