Short-term health insurance policies exist so that individuals and families who in the middle of a life transition can have health insurance in the in-between. These types of health insurance policies are temporary solutions to short-term gaps in a person’s major medical coverage.
If you are temporarily out of work or in-between jobs and thus do not have employer provided health insurance you should look into a temporary (or short-term) health policy. You also need to consider short-term coverage if you have just started a new job and do not yet qualify for your new employer’s health benefits. Also, if you are a recent college graduate or have recently aged out of your parents health insurance plan, if you have recently retired or been discharged from the army or if you are on strike you need to find short-term health insurance.
You should also look into a short-term health insurance policy when you are awaiting approval from a major health insurance company on an application you have submitted for permanent coverage. By obtaining a short-term policy you can ensure that any medical expenses that arise during the gap are taken care of and you can make sure that there are no gaps in your coverage that will affect your finances and your ability to obtain a new policy in the future. Short-term plans also ensure that the transition from one policy to another is seamless and that your healthcare is taken care of.
Most short-term health insurance plans last one to six months and can be renewed for a total of 36 months. The application process is generally simple and policies can be issued the next day. Depending on the short-term plan, benefits can be wide-ranging, with some policies providing up to $5 million in individual coverage.
It is usually quick and easy to apply for short-term health insurance policies. Do some research and find the company that is best for you then answer a few short questions and as long as you are relatively healthy you can be approved for a policy starting the very next day. This type of short-term plans generally last from one to six months and most can be renewed for up to three years (or 36 months) of continuous coverage. This gives you a good amount of time to get back on your feet and into a permanent coverage situation. Short-term policies are not only easy they are also effective – some will cover up to $5 million in medical expenses.
Things covered in a typical short-term health insurance plan include surgery, hospital care, emergency services, diagnostic tests, prescription drugs, follow-up office visits and limited mental health care. Policies vary, so make sure you check with your insurance company before you assume something will be covered or reimbursed.
Short-term plans afford the flexibility of around three continuous years of coverage, however, if you have a major medical incident during that period the health insurance company may opt to not renew your policy during the next cycle (be in monthly or every 6-months). In the event of a major claim being filed, the insurer may offer you a different more permanent policy, but it will cost more and they will count your previous medical problems as pre-existing conditions. It is important to remember that short-term health insurance is truly only meant for the short-term
Since the general population seeking short-term insurance includes a majority of young and healthy individuals and families, the risk for the insurance company is relatively low and they can keep your premiums low as a result. For this reason, short-term health plans usually have low monthly premiums, this is a benefit that helps you out in the short-term period you need this insurance.
During these types of transitional periods, don’t forget about your health insurance. Short-term health insurance coverage will provide you a ever important service – making sure that if you find yourself in the middle of a medical emergency you are not left in financial ruin. Since these policies are priced so well, you have no excuse to ignore them or to go without. Keep insurance in the in-between by looking into short-term health policies
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