Research shows that 294.6 million Americans have health insurance coverage.
We depend on reliable health insurance to shield us with exorbitant costs in the event of an emergency, such as an illness or injury. Most long-term insurance plans also cover checkups, maternity needs, and prescription drugs.
Those going through life transitions, such as job loss or divorce, may find themselves without health insurance for a period of time. They may also become uninsured if they age off of their parents’ plans, or if they are waiting to be old enough for Medicare.
This is where short term health insurance is vital. Individuals will need an affordable way to pay their medical bills if something unexpected occurs.
Another area where Short-term insurance may prove invaluable is for those people who live in American without documentation. Several products (but not all ) do not require you to prove you are legally present in the US to get coverage.
Short-term insurance can give you peace of mind about your health needs during stressful transitions. And it is easier to obtain than you might think. Here are some of the best reasons to get short term medical insurance.
1. Basic Coverage
Your temporary health insurance provides a streamlined version of benefits. These may include hospital stays, surgical visits, inpatient care, outpatient care, and intensive care. In order to be eligible, you need to be under 65 years old and in relatively good health.
Those healthcare services needed when a healthy person has an emergency, such as an accident or illness, are what is generally covered. Your X-rays and arm splints will be insured in case of a sudden accident.
Long-term services, such as maternity, rehabilitation, and mental health care, are generally not covered. Some short-term plans do, however, cover limited preventative care and coverage for pre-existing conditions. You may not, however, get approved for short-term care if you have a chronic illness.
While short-term plans usually do not cover medications, many offer discounts on drugs and other treatments.
Short-term healthcare is surprisingly affordable. In fact, the average monthly payment was $107 in 2018. Some companies will lower your rate if you pay the premiums in a lump sum upfront.
Short-term health insurance plans are a more affordable option than COBRA. They also offer greater flexibility in terms of payments. Monthly premiums are also lower than those of Obamacare.
You can, for example, choose to pay higher monthly premiums and lower deductibles, or vice versa. You can also select and balance your copayments and coinsurances.
Per-cause deductibles are also options with temporary health insurance. Under these terms, you will choose a separate deductible for each illness or injury.
Per-cause deductibles allow you to reduce your premiums and increase your responsibility. If you are generally healthy and just looking for coverage in the event of an emergency, this might be a good option for you.
Most long-term healthcare plans require an open enrollment plan, and you are not allowed to apply for the plan except during these periods. You will need to wait until they roll around to have the opportunity to apply. The exception is a special enrollment period when you are undergoing a major life change, such as marriage or a move.
By contrast, you can apply for a short-term policy at any time. You will be approved in a matter of days. In some cases, you can begin using your new policy as soon as the day after you apply.
You can go online 24/7 and get a rate for a short-term plan within minutes. Temporary health insurance is also available through licensed agents and brokers.
You can use your short-term healthcare plan for up to a year or 36 months. Many states also allow you to reapply for back-to-back coverage. Since the plan is per month, you can drop your coverage at any time without a penalty.
Long-term health insurance plans are required to offer certain benefits. These include ambulatory care, maternity care, mental health services, prescription drugs, and pediatric services. The plans are expensive but will cover all of these needs if necessary.
Short-term plans, however, allow you to pick and choose which services you will require. You do not have to pay for services that you do not think you will need.
Your premiums can stay relatively low with short-term healthcare. It is possible, however, to be declined for a short-term insurance plan based upon your medical history.
5. Widespread Acceptance
Most healthcare providers accept short-term insurance as they do long-term plans. In general, you can choose doctors and hospitals without network restrictions. You can keep the doctors and specialists you know and trust.
Some plans partner with preferred provider organizations to provide discount services when you use in-network providers. They also have a larger, non-preferred network. Some plans even offer limited coverage for mental health.
You do not need a primary care provider under most short-term plans. There is also no requirement for referrals to see a specialist.
6. Coverage For Dependents
Your spouse and children can be covered under short-term insurance. They will, however, be subject to a series of medical questions to determine if they are eligible for short-term coverage. Short-term coverage is a great way to “fill the gap” while you are waiting to be eligible for a long-term family plan.
7. No Tax Penalty
Recent legislation has lifted the individual mandate, so short-term policyholders will no longer have to pay a tax penalty beginning in 2019.
Short Term Health Insurance
Short term health insurance is a nice option if you are in good health and in between long-term healthcare plans. The affordability, flexibility, and accessibility of these plans makes them an efficient temporary alternative.
For more information, book an appointment today.