Did you know that if you're under 30, you're eligible to buy a catastrophic health plan?
Catastrophic health plans are generally the most affordable health plans you can find that provide the "minimum essential coverage" required by the Affordable Care Act. In short: these plans are the least expensive way to avoid the government fine for not having health insurance.
If you are healthy, rarely visit the doctor and don't require ongoing prescriptions, it's worth considering a catastrophic plan for 2016.
Catastrophic plans protect you against exactly what you'd expect: something catastrophic. You pay lower monthly premiums but your plan doesn't pay for much of anything until you hit the deductible (the threshold required before insurance payments kick in.) Generally, you would only actually hit that deductible if something catastrophic happens... thus, the name.
A few highlights:
- To be eligible, you must be under 30. You may also be eligible for a catastrophic plan by getting a certificate of exemption from the federal government, generally reserved for low-income individuals.
- Most catastrophic plans still provide you with preventative care. Some also provide you with a small limit of other doctor visits, too. But in general, you are paying out of pocket should you need care.
- The fine for not having coverage goes up in 2016. As an adult, next year you are looking at a $695 fine or 2.5% of your yearly household income, whichever is greater.
Not sure where to start? That's what Take Command Health is here for! We offer plans from all the major carriers in Texas and help individuals compare plans on and off the exchange, including catastrophic plans. Breeze through our quick and easy online survey and we'll help you compare and enroll in the right plan that meets your needs.