Catastrophic health insurance plans have low monthly premiums and very high deductibles. They may be an affordable way to protect yourself from worst-case scenarios, like getting seriously sick or injured. But you pay most routine medical expenses yourself.
Only the following people are eligible:
- People under 30
- People of any age with a hardship exemption or affordability exemption (based on Pennie or job-based insurance being unaffordable)
How much Catastrophic plans cost:
- Monthly premiums are usually low, but you can't use a premium tax credit to reduce your cost. If you qualify for a premium tax credit based on your income, a Bronze or Silver plan is likely to be a better value.
- Deductibles - the amount you have to pay yourself for most services before the plan starts to pay anything are very high. For 2020, the deductible for all Catastrophic plans was at least $8,150. After you spend that much, your insurance company pays for all covered services, with no co-payment or co-insurance.
What Catastrophic plans cover:
- Catastrophic plans cover the same essential health benefits as other plans on Pennie.
- Like other plans, Catastrophic plans cover certain preventive services at no cost.
- They also cover at least three primary care visits per year before you've met your deductible.