Catastrophic or high deductible insurance has been referred to as worthless, rip-off, and a money maker for big insurance. I disagree. I've seen many people put back in control of their health care and lowering their health care premiums by enrolling in a high deductible plan for HSA.
Right now there is uncertainty with high deductible plans. Since the new health care law mandates comprehensive coverage, this law goes contrary to the deductible plan and HSA model. Obamacare limits high deductible plans leaving consumers with fewer choices. These restrictions, however, have not yet been clearly defined by Washington bureaucrats.
Let's discuss the drawbacks that are occurring today in a high deductible plans. You have to decide if the disadvantages are worth considering high deductible coverage:
May require members to contribute at least fixed amount to an HSA;
If you have a chronic illness, consider the annual deductible fixed payment;
May not normally cover mental health care or maternity care;
Not for older seniors with significant health problems;
Can be expensive if you need prescription drugs on a regular basis;
If you can't pay for your initial deductible, you won't get reach the limits where the insurer pays;
Has an annual reset, so you must re-spend the deductible amount;
May cause you to postpone medical care, causing illness or premature death;
Until full implementation of Obamacare (2014), are for people with no previous illnesses. These conditions include AIDS, diabetes, emphysema, heart disease, multiple sclerosis, schizophrenia, etc.
Still need to pay a significant amount of money to cover the medical bills;
Can make it difficult to qualify for an HMO if you develop a chronic health condition while enrolled; and
Craig Casey is an Writer, Coach, Blogger, Husband, and Former Health Insurance Agent helping people on the web since 1999 with their health insurance problems.
