Catastrophic Health Insurance Plans
The Affordable Care Act (ACA) provides not only 4 Metallic levels of benefits (Bronze, Silver, Gold, and Platinum), but a fifth level called Catastrophic.
Catastrophic plans cover the Essential Health Benefits (EHB) as outlined in the Affordable Care Act, but generally have a higher deductible than Metallic plans. The out of pocket maximum (OOP) for an individual is limited to $6,600 and $13,200 for a family (in 2015). Premiums for Catastrophic plans may be slightly lower than Bronze plans.
Who is Eligible for Catastrophic Health Insurance Plans?
Catastrophic plans are limited to:
- Individuals under 30 years of age who satisfy certain financial requirements
- Individuals who would qualify for a hardship exemption to the requirement to obtain an Affordable Care Act policy
The Centers for Medicare and Medicaid Services (CMS) continues to change the eligibility rules for Catastrophic plans.