Catastrophic plans under health care reform were previously only available to people under 30 or people with certain hardship exemptions. After millions of so-called “grandfathered” plans were abruptly canceled in 2013, the Obama administration lifted the age restriction on these plans.
These plans have very low premiums but also require you to pay most costs, other than preventive care, out-of-pocket. Their benefits only begin paying at the point where your care has become extremely costly.
However, because government subsidies and other help are available to people whose incomes are below 400 percent of the federal poverty level, some people with financial hardships may find that buying a Bronze plan with a premium tax credit is a more economical option.