Anthem Blue Cross Blue Shield Catastrophic Health Insurance

Signing up for a catastrophic health plan with a high deductible and a limited number of essential benefits can help you reduce your premiums. Your coverage will be severely limited compared to a plan that conforms to ACA standards. Catastrophic plans may be a good choice if you're a young, healthy adult with minimal health care use. This type of plan can also make sense for basic coverage if you're between jobs or enrollment periods.

Read on to learn more about available catastrophic insurance plans.

What You Should Know About Catastrophic Health Insurance Plans

• Premium savings: Catastrophic health plans typically have a lower cost than other health insurance coverage.
• Limited coverage: Although monthly premiums are lower than some other health insurance types, the coverage is lower too.
• Specific eligibility: You'll need to meet age or exemption requirements to get catastrophic coverage.

How We Rate Health Insurance Companies

• Financial strength: The financial strength rating is based on the insurance company's A.M. Best financial strength rating. A.M. Best is a credit rating agency specializing in the insurance industry, which rates an insurer's ability to meet ongoing obligations.
• Customer satisfaction: The customer satisfaction rating takes into account Kaiser Permanente's Better Business Bureau (BBB), National Committee for Quality Assurance (NCQA), and Consumer Affairs ratings. These ratings are calculated using customer complaints and satisfaction ratings.
• Value: The value rating calculates an insurer's overall value based on monthly premium, annual deductible, office visit cost, emergency room (ER) visit cost, and annual maximum out-of-pocket cost.
• Coverage: The coverage rating considers the insurer's availability of coverages, plan types, and network size.

What Is the Best Catastrophic Health Insurance?

Catastrophic health insurance offers basic health care coverage in exchange for a lower monthly premium than traditional health insurance. But with these savings come limitations. You must meet qualification requirements to apply for catastrophic coverage and coverage is lower than most other plans.

Who Can Get Catastrophic Health Insurance?

Eligibility for a catastrophic plan is limited to:

• People aged 30 and under
• People of any age with an exemption for hardship or affordability

How Much Do Catastrophic Health Insurance Plans Cost?

Monthly premiums for catastrophic plans are usually lower than other health care plans. You can't use a premium tax credit on a catastrophic plan. The credit on a marketplace bronze or silver plan may lower your monthly premium cost to a better price than a catastrophic plan.

What's Covered on a Catastrophic Health Insurance Plan?

Catastrophic plan coverage is limited to essential health benefits, which include preventive care, hospital and emergency services, maternity, mental health, prescription drugs, and labs:

• Catastrophic plans have a fixed deductible of $8,550 for individuals and $17,100 for families
• Coverage includes three primary care visits and a limited number of preventive health screenings
• All other services are paid for out-of-pocket and count toward your deductible

Although catastrophic health plans must comply with the ACA, the plans aren't eligible for tax credits. You'll have to pay the full cost and may spend more than you would with a bronze or silver plan with a tax credit.

Aetna Catastrophic Insurance: Best for students

Company Overview

Founded in 1853, Aetna is one of the country's oldest and most successful insurance companies. Today, it's owned by the CVS Health Corporation and insures more than 39 million Americans, 22 million of whom are medical members. Aetna's provider network includes more than 5,700 hospitals, 700,000 physicians, and 1.2 million health care professionals.

Is Aetna a Good Health Insurance Provider?

How Is Aetna Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Aetna.

Overall rating: 4.81

Anthem Catastrophic Insurance: Best value

Company Overview

Anthem, formerly known as WellPoint, is one of the largest for-profit distributors of branded insurance plans administered by the Blue Cross Blue Shield Association. It ensures approximately 40 million members across the country. Blue-branded policies are available in 14 states, from California to New England. In addition to offering Medicare, Medicaid, and employer-sponsored benefits, Anthem sells short-term health insurance and catastrophic Marketplace plans in select states.

Is Anthem a Good Health Insurance Provider?

How Is Anthem Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Anthem.

Overall rating: 4.19

Blue Cross Blue Shield Catastrophic Insurance: Best for families

Company Overview

Blue Cross Blue Shield Association provides health, life, disability insurance, and dental benefits to millions of members. The company has earned the highest rating in A.M. Best for its financial strength. Keep reading to find out more about Blue Cross Blue Shield's extensive selection of health insurance plans for individuals and families, including catastrophic coverage.

Is Blue Cross Blue Shield a Good Health Insurance Provider?

How Is Blue Cross Blue Shield Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Blue Cross Blue Shield.

Overall rating: 4.63

Cigna Catastrophic Insurance: Best for no-charge services

Company Overview

Cigna is a global health service company with more than 17 million insured individuals worldwide and more than 200 years of industry experience. Individual and family plans, including catastrophic health insurance, are available in 10 states. Cigna has excellent ratings for financial stability.

Is Cigna a Good Health Insurance Provider?

How Is Cigna Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Cigna.

Overall rating: 4.16

Highmark Catastrophic Insurance: Best for quality

Company Overview

Highmark is a diverse health organization offering individual and family insurance plans and reinsurance, and health care technology.

Is Highmark a Good Health Insurance Provider?

How Is Highmark Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Highmark.

Overall rating: 4.13

Humana Catastrophic Health Insurance: Best for older adults

Company Overview

Humana is a long-standing health insurance company that was once one of the largest hospital and nursing home operators in the United States. Today, it provides health insurance to 17 million Americans and more than 5 million customers have purchased its specialty insurance products. Seniors who want catastrophic coverage can consider purchasing a high-deductible version of Medigap Plan G.

Is Humana a Good Health Insurance Provider?

Overall rating: 4.38

Kaiser Permanente Health Insurance: Best for high NCQA rating

Company Overview

Is Kaiser Permanente a Good Health Insurance Provider?

How Is Kaiser Permanente Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Kaiser Permanente.

Overall rating: 4.6

Molina Healthcare Catastrophic Insurance: Best for coverage options

Company Overview

Molina Healthcare is a Fortune 500 company that provides health insurance to 4.6 million members with marketplace plans in 13 states. Molina Healthcare's catastrophic marketplace plans typically include basic medical services and access to an HMO network, which means that out-of-network care is subject to 100% coinsurance even after the deductible is paid.

Is Molina a Good Health Insurance Provider?

How Is Molina Healthcare Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated Molina Healthcare.

Overall rating: 3.5

UnitedHealthcare Catastrophic Insurance: Best for financial strength

Company Overview

UnitedHealthcare is a diversified insurance company that provides coverage to individuals and families. Members have access to a comprehensive service network that includes 1.3 million medical providers and 6,500 hospitals and licensed health care facilities. The company offers catastrophic marketplace plans that meet ACA requirements.

Is UnitedHealthcare a Good Health Insurance Provider?

How Is UnitedHealthcare Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated UnitedHealthcare.

Overall rating: 4.56

WellCare Health Insurance: Best for prescription drug coverage

Company Overview

WellCare is part of Centene, a global health care leader that serves more than 25 million managed care members. It offers government-sponsored health care benefits in all 50 states. WellCare's Part D prescription drug policies include catastrophic coverage that limits copays or coinsurance rates once Medicare beneficiaries hit an annual spending threshold.

Is WellCare a Good Health Insurance Provider?

How Is WellCare Rated?

Trusted ratings and reviews can help you understand how an insurer's plans stack up against the competition. See how we rated WellCare.

Overall rating: 4.06

How to Compare Health Insurance Companies

There are numerous options to find affordable catastrophic health insurance plans depending on your needs and location. Here are a few ways to get started:

• Determine which insurers are active in your area: Coverage options vary widely by county and state.
• Check coverage: When you're shopping, include information about preferred health providers and prescription medications to get a realistic cost estimate.
• Compare premiums, copays, and deductibles: Catastrophic health insurance plans have high deductibles with lower premiums but higher out-of-pocket costs. Catastrophic Health Plans sold on the Marketplace pay for 100% of covered expenses after the deductible, so copays rarely apply.
• Research industry ratings to measure the company's financial stability: Customer reviews are also helpful for gauging the company's efficiency and member satisfaction.
• Get help: If you need additional help to select an affordable catastrophic insurance plan, reach out to an independent insurance agent or counselor. Resources may be available through various state agencies in your area.

Insurance and health care consultant

Tammy Burns is an experienced health insurance advisor. She earned her nursing degree in 1990 from Jacksonville State University, obtained her insurance billing and coding certification in 1995, and holds a health and life insurance license in Alabama, Georgia, Iowa, Mississippi, and Tennessee. Burns is Affordable Care Act (ACA)-certified for health insurance and other ancillary, life, and annuity products. She maintains an active nursing license and practices private-duty nursing.

Burns' background as a nurse, insurance biller and coder, and insurance consultant includes infectious disease, oncology, gynecology, phlebotomy, post operative, family medicine, geriatrics, home health, hospice, human resources, management, billing, coding, claims, fixed annuities, group and individual health and life products, and Medicare. She's always been driven by a desire to help people, spending more than 25 years as a practicing nurse in hospitals, private doctors' offices, home health, and hospice. As a nurse, Burns supported patients filing insurance claims with Medicare, Medicaid, and private insurance companies as well as responding to billing questions from confused patients.

Seeing firsthand how unsuspecting patients are frequently confused by an overly complex system they don't understand led Burns to become an insurance agent and health care consultant, now helping people understand the medical system. Since becoming an insurance agent in 2013, she has worked with some of the largest and most reputable insurance carriers and agencies in the nation, and she has built a large and loyal clientele by way of her commitment to transparency and personalized service.

Sources

alvesthembsed.blogspot.com

Source: https://www.affordablehealthinsurance.com/health-plans/catastrophic-insurance/

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