The purpose of insurance is to protect against financial catastrophe. Expanding access to catastrophic plans moves the market closer to that traditional function—and gives consumers an option that Obamacare’s structure largely sidelined.
Earlier this month, the Centers for Medicare and Medicaid Services proposed a rule to expand access to catastrophic health insurance plans on the exchanges established by the Affordable Care Act.
The move may appear modest. In reality, it addresses one of the central design features that has made exchange coverage so expensive for many Americans.
Catastrophic plans offer low monthly premiums in exchange for higher deductibles. They protect consumers against major medical events while leaving them to cover routine expenses out of pocket.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.
Stop Catastrophizing Catastrophic Plans
Sally C. Pipes
The purpose of insurance is to protect against financial catastrophe. Expanding access to catastrophic plans moves the market closer to that traditional function—and gives consumers an option that Obamacare’s structure largely sidelined.
Earlier this month, the Centers for Medicare and Medicaid Services proposed a rule to expand access to catastrophic health insurance plans on the exchanges established by the Affordable Care Act.
The move may appear modest. In reality, it addresses one of the central design features that has made exchange coverage so expensive for many Americans.
Catastrophic plans offer low monthly premiums in exchange for higher deductibles. They protect consumers against major medical events while leaving them to cover routine expenses out of pocket.
Read the op-ed here.
Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.