Catastrophic Healthcare Plan:
Is It for Me?
People often worry about the cost of hospitalization and surgery. They’re concerned that when the unexpected hits, they won’t be able to afford the costs. Generally, they’re pretty healthy, but what if an accident happens or the unthinkable occurs? Catastrophic health plans can give peace of mind that the high costs of medical treatment will be eligible for cost-sharing if the unforeseen becomes today’s reality.
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Catastrophic healthcare cost-sharing can give you peace of mind
Catastrophic healthcare is a creative solution to traditional insurance. Created to offer assistance with the cost of major medical events—such as hospitalizations, traumas, sudden illnesses, and accidents—Aliera’s catastrophic healthcare plan will cover both in-patient and out-patient surgeries, performed in both hospitals and ambulatory surgical centers (ASC). Also known as hospital coverage, emergency medical coverage, hospital only insurance, high-deductible medical insurance, and crisis care, catastrophic healthcare plans have limited coverage and do not cover regular office visits and medications.
The ideal candidate for a catastrophic medical plan
Catastrophic medical plans are an ideal choice to assist with the costs of those unforeseen emergencies, and are intended for those who either have no other healthcare, or who can simply not afford the high price of a traditional, full-coverage insurance plan. Catastrophic health plans are also a viable option for those who are healthy and don’t spend a lot of time at the doctor’s office. Catastrophic healthcare allows them to save money on high monthly premiums.
Since doctor’s visits and prescriptions are not eligible for cost-sharing, those who tend to be in the doctor’s office frequently or have a pre-existing conditions, should consider carrying a different type of plan. Pre-existing conditions are not eligible for cost-sharing with CarePlus Advantage.
The difference between catastrophic healthcare and major medical insurance
Major medical insurance must meet the minimum requirements of the Affordable Care Act (ACA). These requirements include preventive care, a prescription drug program, emergency services, and hospitalization and the costs that come with it. Only emergency services and hospitalization are eligible for cost-sharing with CarePlus.
The advantage to an Aliera plan is that they are ACA exempt, as the plans are supported by a healthcare sharing organization. Members may file for ACA exemption which allows them to have low-cost healthcare and be in adherence to ACA regulations, keeping them from paying penalties for non-compliance.
How Aliera’s catastrophic healthcare plan works
Much like how traditional insurance and deductibles work, the member pays everything until the individual’s Member Shared Responsibility Amount (MSRA) has been reached. Upon reaching the MSRA, all eligible hospitalization, surgical, or emergency room expenses are submitted for cost-sharing at 100%. If a visit to the emergency room happens, the member is responsible for a $300 co-expense. Upon admittance to the hospital, the $300 then gets applied to the MSRA.
Monthly premiums for catastrophic plans vary depending on age and the chosen MSRA. The cost for a single individual with an MSRA of $5000 can be anywhere from $125.00 to $188.73 per month. If the MSRA raises to $10,000, the monthly premium for a single individual can vary from $104.17 to $157.27. With such low monthly premiums, members can have peace of mind that they are protected against major catastrophic events that could cripple them financially without having to break the bank on high monthly premiums. Catastrophic healthcare provides a great combination of low price and good hospital benefits.
Having adequate healthcare is important. When illness strikes, no one wants to be worrying about bills while trying to get well. Catastrophic healthcare plans help give peace of mind in case the unimaginable happens.
*All of the Aliera Healthcare plans for individuals and families are supported and are part of a healthcare sharing organization, and thus members are exempt from any ACA penalties