Oscar Health Catastrophic Plan vs. Fidelis Care Catastrophic Plan - Which one is best?

With 2021‚s open enrollment period just around the corner, now is the perfect time to start weighing your options when it comes to your health insurance. Individual health insurance policies usually have different tiers of coverage which are based on metals. They include bronze, silver, gold, and platinum levels of coverage.

However, if you meet specific requirements, you may be able to take out what is known as a catastrophic plan.

What do Catastrophic Health Insurance Plans Cover?

Catastrophic plans are deliberately designed for certain individuals that are young, fit, and overall healthy. These individuals are therefore unlikely to require medical attention unless in case of a catastrophe.

With that in mind, catastrophic plans have extremely high deductibles, after which the insurer will pick up the remaining costs with no co-pay or coinsurance contributions.

Is a Catastrophic Plan The Right Fit For Me?

If you‚re considering a catastrophic plan, the first thing you should do is find out whether or not you are eligible. The first criterion is simple: you must under the age of 30 to take out a plan of this type.

The only other way you can qualify is through a hardship or affordability exemption (based on the Marketplace or job-based insurance being unaffordable). If you qualify through these means, you are able to take out this insurance plan at any age. Even if you do qualify for a catastrophic plan, you should consider your family's medical history, your current medical needs, and any underlying conditions. If you have an underlying condition or have a family history of chronic conditions, a catastrophic plan may not be the right choice for you.

You can learn more about the metal tiers, and other important information regarding choosing the best health insurance here.