What is a catastrophic plan?

A catastrophic plan is a type of health insurance plan that is designed to protect individuals and their families from very high medical costs. This type of plan is often purchased in Virginia by individuals under the age of thirty who do not qualify for other health insurance plans due to their age or financial situation. A catastrophic plan in Virginia is designed to cover very high medical costs such as those resulting from a serious illness or accident. This type of plan usually has a high deductible, meaning that the individual will be responsible for paying out-of-pocket expenses up to an agreed upon amount before the plan begins to cover medical costs. The Virginia State Health Insurance Marketplace also offers catastrophic health plans. These plans are designed to cover essential health benefits and are typically the least expensive health insurance plans sold in the marketplace. Overall, catastrophic plans are a type of health insurance plan designed to provide financial protection against very high medical costs. These plans can be purchased in Virginia through the State Health Insurance Marketplace and can provide individuals and their families with peace of mind knowing that they have a safety net in place should a major medical emergency occur.

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