If you are looking for temporary medical coverage, Short Term Health Insurance may be the answer to your current situation. Typically, these plans will cover testing, doctors’ visits, and hospitalization. Most often, temporary health insurance is used to fill gaps in coverage that arise for a variety of reasons including:
- Being between jobs or waiting for an employer plan to take effect
- Waiting for Open Enrollment
- Retired from a job early and not yet Medicare eligible
- Turning 26 and no longer eligible to be on parent’s plan
Benefits of Short Term Health Insurance
Many of these plans offer flexibility for how long coverage will last and how high of a deductible you would like to pay while most premiums are lower than traditional health insurance coverage. Most plans require a minimum of 30 days of coverage. The maximum allowed will vary by state. Signing up for a plan and getting coverage can happen within 24 hours in some cases.
Also, if your circumstances change and you no longer need the temporary coverage it can be dropped at any time with no additional cost. Temporary health insurance is available year-round. There is no need to wait for an open enrollment period.
COBRA Options from InsureOne BenefitsDrawbacks of Short Term Health Plans
Coverage is not always guaranteed with these policies. When applying a series of questions must be answered to determine eligibility. Each plan will vary because there is no mandate as to what services are covered. Temporary health insurance will not cover pre-existing conditions. These policies are not renewable. However, there are instances where separate policies can be instituted consecutively.
Is Short Term Health Coverage Right for Me?
Every situation is different, and this coverage may be a temporary alternative. If you anticipate that your coverage needs will only be for a short time, then this type of plan may be for you. If you find yourself in any of these circumstances, please consider this coverage:
- Lost your job, laid off, quit your job
- No longer eligible for your parent’s healthcare plan
- Missed open enrollment or not yet eligible for employer plan