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Some people under the age of 30 can qualify for high-deductible, “catastrophic” plans, which are for people who don’t anticipate having many healthcare needs.
The coverage extension applies to both employer-based and private plans. Catastrophic coverage. Adults who are under the age of 30 and have experienced certain hardship may qualify for a cheaper “catastrophic” health plan. The catastrophic health plan is meant to protect young adults from very high medical costs.
To qualify for an HDHP in 2023, an individual plan must have a deductible of at least $1,500 and family plans must have a deductible of at least $3,000. [15] An HDHP's total yearly out-of-pocket expenses (including deductibles, copayments, and coinsurance) can't be more than $7,500 for an individual or $15,000 for a family. [ 15 ] (
Opposite to high-deductible plans are plans which provide limited benefits—up to a low level—have also been introduced. These limited medical benefit plans pay for routine care and do not pay for catastrophic care, they do not provide equivalent financial security to a major medical plan. Annual benefit limits can be as low as $2,000. [131]
The new $2,000 out-of-pocket cap on prescription drugs covers everyone with a Medicare Part D plan, which is the section of Medicare that covers most pharmaceutical products. ... Catastrophic ...
When someone with Part D reaches $2,000 of out-of-pocket expenses, they automatically enter catastrophic coverage. This means they pay nothing for their prescriptions for the rest of the year.