Insurance coverage for specific catastrophic events such as death, fire, flood, and some medical conditions.
Insurance designed to protect you from having to pay very high out-of-pocket costs. Catastrophic coverage usually begins after you have spent a pre-determined amount. Medicare Parts A and B do not offer catastrophic coverage. They always pay the same amount regardless of how much you have spent. The new Medicare prescription drug benefit (Part D) does offer catastrophic coverage. After you have spent a certain amount out-of-pocket ($3,600 in 2006), you will only pay five percent of the cost of each prescription (in addition to your monthly plan premium).
Insurance protection for extremely high health care costs.
coverage for prescription drug expenses that are considered very high and unusual. At this level, the most help is provided. In a standard plan an individual will only have to pay 5% of the drug cost above $5,100 (or less, depending on income).
A name for the step of a Medicare drug plan in which the plan pays for nearly all your drug expenses until the end of the year, with no upper limit, after your out-of-pocket costs have exceeded $3,600. In this step, you pay only a small share of your drug expenses (approximately five percent).
A health insurance policy with a high deductible
After you have paid $3,600 in out-of-pocket costs, you will only pay the greater of 5% or $2 for generic/multisource brand-name drugs and $5 for other drugs.
Plans with catastrophic coverage can offer high deductibles and reduced benefits to keep the premiums low. For instance, these plans may include hospital and doctor visits but exclude maternity benefits and/or vision benefits.
Coverage provided when a person's prescription drug expenses exceed a level ($3,600 out-of-pocket) that is considered very high by the federal government. At this level, the most assistance is provided to beneficiaries and the government pays up to 95% of any additional expenses, with no upper limit.
Insurance designed to protect a person's assets in the case of very high medical charges. These policies will only pay after a high deductible has been met (often $5,000 or greater).
This plan pays hospital and medical expenses above a certain (usually high, i.e., $5,000) deductible. The maximum lifetime limit may be high enough to cover the cost of a catastrophic illness. Catastrophic coverage does not pay for doctors visits, routine check-ups or well baby care.
Medicare covers almost all of your medical costs after you've spent the out of pocket level in a calendar year.
Insurance protection for high health care costs. In Medicare Part D (in 2006), the catastrophic coverage begins after participants have spent $3,600 for medicine. At that point they pay 5% of their drug costs.
A name for the step of a Part D plan in which the plan pays nearly all of your drug expenses until the end of the year, with no upper limit. In this step, you pay only a small share of your drug expenses (approximately five percent or a small flat amount for each prescription).
A plan of insurance established by FCIC that provides coverage comparable to a level for a single crop that is equal to 50 percent (50%) of the approved yield indemnified at 55 percent (55%) of the expected market price. This is the minimum level of coverage required for a person to qualify for certain other USDA program benefits unless the producer executes a waiver of any eligibility for emergency crop loss assistance. CAT coverage equivalent is not available under AGR for the 1999 insurance year.
Once your total drug costs reach the $5451.25 maximum, you pay a small coinsurance (like 5%) or a small co-payment for covered drug costs until the end of the calendar year.