What are Catastrophic Plans?
In Addition to the Bronze, Silver, Gold and Pltinum Plans, issuers in the Individual market can offer catastrophic plans. Eligibility for catastrophic plans is limited to:
(a) Individuals under age 30 before the plan year begins
(b) Individuals age 30 or older who have a certification from the Marketplace that they qualify for a hardship or affordability exemption. The required contribution percentage is used to determine whether individuals age 30 and older qualify for an affordability exemption that would enable them to enroll in catastrophic coverage.
There is no specific AV for catastrophic plans. Catastrophic plans have specific cost-sharing requirements related to the annual cost-sharing limit that do not apply to plans in the four plan categories. Nevertheless, catastrophic plans have several benefit. They:
(1) Offer Lower Premiums, on average than Bronze, Silver, Gold, or Platinum plans
(2) Cover atleast three primary care visits before reaching the deductible
(3) Cover recommended preventive services without cost sharing
(4) Protect enrollees with a maximum out-of-pocket cost limit (The limit changes annually; for 2023, the maximum annual out-of-pocket limitation on cost sharing is $9100 for an individual and $18200 for a family.
Related Topics: About Health Insurance What is the Objective of Patient Protection and Affordable Care Act? How Does the Affordable Care Act makes Health care more accessible? What are the Health Insurance Requirements under the Affordable Care Act? What are Bronze, Silver, Gold, and Platinum Health Plans? About Aetna Health Insurance About Bright Healthcare Health Insurance About United Healthcare Health Insurance About Molina Health Insurance About Cigna Health Insurance About United Health One Insurance What is Medicare and Who is Eligible for Medicare What are the Different Parts of Medicare and what do they cover How is Medicare Part B Premium Calculated What is covered under Medicare Part B What does Medicare Part A cover How are Premiums determined for Medicare Part A What are the Costs for Part D Medicare Drug Coverage How to Obtain Part D Medicare Drug Coverage What is Part C Medicare Coverage or a Medicare Advantage Plan What is the Cost of a Medicare Advantage Plan How and When can you sign up for Medicare Part B What is the late enrollment penalty for Medicare Part B What is the Deductible and Coinsurance for Medicare Part B What is the Deductible and Coinsurance for Medicare Part B
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