“I’m twenty, I work out every day, I don’t eat a bunch of junk food, and I am invincible. Besides, there is no history of cancer or other serious disease in my family.” Does a person who can say this need regular health insurance? When they get sick, it will likely just be one of the regular viruses that go around, so maybe this person does not need regular medical coverage. Maybe they should just buy catastrophic health insurance. But who else should opt for this kind of health plan? This really depends on your needs and current coverage.
First, if you are currently covered by regular insurance, good job. If your employer is providing this coverage, doubly good job. Guess what? You shouldn’t buy catastrophic health insurance. Why? Catastrophic health insurance is coverage that costs less and is primarily for very serious injuries and illnesses. It won’t cover a visit to the doctor about the slight bacterial infection you have. So keep your employer-provided insurance!
You might want to consider buying catastrophic health insurance if you can’t afford to pay for regular coverage on your own. You might also want to consider buying it if it bothers you to be paying premiums but not using the regular coverage. But you want to be confident that you are generally in very good health. Why? Because you will only use your catastrophic coverage when you really need it.
So catastrophic health insurance is not for everyone. But it may be right for you if you can’t afford another plan and you are generally very healthy. Or if you are invincible.