Need Short Term Medical Insurance?

Short term medical insurance may make sense to many people. It can offer a great solution if you need to bridge your coverage. Here is what you need to know about short term medical coverage.

If You’re in Transition

Any time you are in between health insurance, whether it’s because you are going from one job to another, or you have had a life event that doesn’t qualify under your current policy for a certain amount of time, then short term health insurance is a great idea. If you’re a new hire with a company and there’s a waiting period for insurance, if you’ve recently graduated college, if you are losing your dependent status, of if your union is on strike then short term health insurance can be a necessity.

How It Works

Short term health insurance may be a little different than what you are used to. They usually allow you to see any doctor you wish, but may require you to obtain a pre-certification from the insurer before seeing specialists or other hospitalization. Surgeries, emergency care, lab work, prescription drugs, and in some cases mental health services are covered under short term health insurance.

How Long You Can Take It For

In most cases short term health insurance policies can be renewed for a total of 36 months. It’s important to remember though that any claims filed under the short term plan can end up being seen as pre-existing conditions for your long term plan later on and treatments may not be covered.

Costs Associated

Short term health insurance policies are generally less expensive than regular health insurance. In most cases the short term health insurance policies will carry a deductible. After the deductible is met the insurance will cover between 50% to 80% of the cost of other medical treatments.

Eligibility Requirements

The requirements for eligibility can vary from carrier to carrier. In most cases you will have to fill out a medical questionnaire. The form will ask questions about tobacco use, past medical conditions, height, and weight. This usually just determines the premium cost. If you are over 65 you may have a hard time finding short term health insurance. And if you’ve ever been turned down for insurance in the past you may not qualify for short term plans either.

Disadvantages to Short Term Plans

Short term plans are great, but they aren’t perfect. There are a few downfalls to these policies.
With a short term health insurance policy there is no dental or vision coverage. Coverage is usually not offered during pregnancy or for childbirth. Policies can’t be renewed beyond the original term, and since they are exempt from HIPPA regulations you can lose your pre-existing condition protection.

If you’re in a transition period and need insurance to fill the gap, short term health insurance policies can offer a great coverage option for you. These plans will give you the peace of mind that even in an accident or illness you won’t have to pay huge out of pocket expenses for your medical care.

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