Short Term Health Insurance
Sometimes, individual may goes without any health insurance policy for a short period of times, be it due to unemployed, graduate from college, going to school, between jobs, retiring early or may be waiting for a new health insurance like catastrophic health insurance to start kick in.
And we know the danger of going without any health insurance; serious medical illness can comes by anytime without any symptom. That’s why having no medical coverage is not an option and when you faces the possibility of going without any health insurance, do consider taking up the short term health insurance plan which is also known as temporary health insurance plan.
What is Short Term Health Insurance?
It is a temporary health insurance plans which will provide medical coverage for a specific period of time, usually ranges from 1 month to 12 months. The policy will end after the specific period and normally, these plans can not be renewed
Short term health insurance plan comes with low monthly premium mainly because it will only cover any illness or injury that might develop during the period of coverage. It does not provide coverage for pre-existing medical conditions, typically defined as any illness or health problem that you had during the last 3 to 5 years prior to the start of this health insurance. Due to this reason, it is extremely important that you must be very honest when you answer the questions regarding your medical condition when you apply for the health insurance as it may affect any future claims that you want to make for pre-existing conditions.
Because of its low cost, the medical coverage does not pay for routine preventative care such as preventive care, vaccinations, dental, physical exams, immunizations, and PAP tests.
Most insurers will also sell short-term health insurance policies to people under the age of 65 only and it is usually bought in one-month increments so that it can be terminated easily at any time.
How Short Term Health Insurance works?
Depending on the deductible amount you chose when signing up for this temporary health insurance plan, you will need to cover the cost until you hit the limit of the deductible before your insurer start to pay. So, let’s say if your deductible is $1000, then your insurance policy won’t start paying any of the costs until after the first $1000 in expenses.
After you’ve met your deductible, most insurers will pay some portion, say, 50 or 80 percent, of the next $5,000 of expenses before 100 percent coverage kicks in, up to the plan maximum of $1 million or $2 million.
Before you buy the short term health insurance plan, you need to ask questions about how much of your expenses will be covered, medical coverages, cost etc in details. Anything that you are unsure, make sure you check out with the insurer before you sign on the dotted line.
Filed Under Health Insurance