Catastrophic coverage
Catastrophic Coverage
Catastrophic coverage (pronunciation: /kəˌtastrəˈfik ˈkʌvərɪdʒ/) is a type of health insurance designed to provide an emergency safety net to protect against large, unexpected medical expenses.
Etymology
The term "catastrophic coverage" is derived from the word "catastrophe," which originates from the Greek words "kata," meaning "down," and "strophe," meaning "turning." In the context of health insurance, it refers to a sudden, severe event that results in significant health care costs.
Definition
Catastrophic coverage is a form of health insurance that is designed to provide coverage for worst-case scenarios, such as serious accidents or illnesses. It is typically characterized by lower monthly premiums and higher deductibles and out-of-pocket maximums than other types of health insurance plans.
Related Terms
- High-deductible health plan: A health insurance plan with lower premiums and higher deductibles than a traditional health insurance plan. Catastrophic coverage is a type of high-deductible health plan.
- Out-of-pocket maximum: The most you have to pay for covered services in a plan year. After you reach this amount, your health insurance or plan begins to pay 100% of the allowed amount for covered services.
- Deductible: The amount you pay for covered health care services before your insurance plan starts to pay.
See Also
External links
- Medical encyclopedia article on Catastrophic coverage
- Wikipedia's article - Catastrophic coverage
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