An emerging trend amongst Health Savings Account users is purchasing catastrophic insurance with a high deductible.

At the same time, several insurance companies have added catastrophic policies to their HSA offerings.

These policies generally cover hospital and major illnesses but do not cover ordinary visits to healthcare providers.

In searches conducted by visitors to www.hsafinder.com, the number seeking catastrophic policies has more than doubled each of the months from June through September.

Among the insurance companies offering these policies are Amtex, Time, World, and Golden Rule.

While all four offer comprehensive HSA policies as well as the catastrophic, the latter offer the benefit of lower premiums while protecting clients against a major illness.

Some industry observers believe the appeal of lower premiums for individuals without a current healthcare plan is driving the growth of the catastrophic offerings.
Time’s “SaveRight” policy has very limited outpatient coverage while World offers limited outpatient coverage if the optional Comprehensive ride is not chosen.

With many states considering universal healthcare coverage and Massachusetts already mandating such an requirement, catastrophic insurance may prove to be a growing part of the healthcare landscape.