catastrophic plans are plans under which an individual pays the vast majority of out-of-pocket expenses until he/she reaches the plan's deductible. some pros of catastrophic coverage are: catastrophic plans offer more affordable monthly premiums for an individual who might otherwise not purchase insurance coverage at all coverage under such a plan as suggested by its name will at least protect them in the event of a catastrophic event such as a car accident or serious illness that could result in hundreds of thousands of dollars in medical bills which would plunge many people into bankruptcy the major con of catastrophic coverage is that it covers very few out-of-pocket expenses before the deductible is met and the deductibles under these plans can be quite high. so these plans may not be ideal for individuals who have substantial out-of-pocket expenses. this would include those who take a significant number of prescription drugs on a regular basis and/or find themselves visiting a physician frequently.
what are some of the pros and cons of buying a catastrophic plan?