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What is Short Term Insurance?

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What You Need to Know About Short Term Health Insurance

The short term health insurance policies that are available today are specifically designed for those who are in between jobs, ready to retire, attending school, or have just completed school and are looking for work. These can also be used by people who are on strike from their current employment or are out of work on a temporary basis.

A short term health insurance policy is a low cost option for those who need coverage only for a short period of time and they work similarly to an indemnity plan. The main advantage of these policies is that the costs involved can be very low. However, before you rush into taking advantage of this type of policy, you should be sure that you understand what it is for and what exactly it can cover.

To aid you in determining whether or not a short term health insurance policy is for you, listed below are basic information you should consider.

Notes on Short Term Health Insurance

  • Short term health insurance policies are for people without pre-existing conditions that require health coverage for a short period of time. Generally, these policies will not cover any condition that has been in existence thirty-six months prior to the application.
  • The policies are designed to help in unexpected situations when health care is required.
  • The policies typically cover a twelve-month period. However, some can cover as long as thirty-six months.
  • The policy premiums can be paid on a monthly basis. This allows those with tight budgets to actually have access to health insurance.
  • There are much more exclusions and limitations on short term health insurance policies. Just as with any other type of insurance, these exclusions and limitations must be considered before making a decision to buy.
  • In most cases, medical treatments must be certified before the insurance will cover it. This is only in situations that are not emergencies. If you fail to get certification for your treatment, you might not obtain coverage for it.
  • This type of insurance will typically cover surgery, drugs, hospitalization, and follow up visits. They usually do not cover preventive health care treatment and visits. Generally, you will only be covered for an injury or illness when you are using a short term policy.
  • Most of the short term health insurance policies can be renewed for a time period of up to thirty-six months. Check this with your insurance agent when you are considering a short term policy.

Short term health insurance policies offered by different companies will differ from each other in some way. The coverage is usually for people who are under sixty-five years of age and they are only sold to those who do not have other health insurance policies.

For a family of four, this type of policy may cost up to three hundred dollars per month and the deductibles are generally around one thousand dollars. For a single person, the cost could be as low as eighty dollars a month.

There are health insurance companies online who have this this type of coverage on offer. You should make sure that you receive quotes from a number of providers before you make a decision on the one that you are going to buy. Look at all of the benefits of each of the plans before you make your final decision.


Five Tips

  • Don't trust your agent 100%, he sometimes has to make choice between your best inertest and his commison.
  • A policy blended with term and whole life coverage, may not be right for you.
  • If your employer provides both HMO and PPO, choosing for you and your family is a critical decision.
  • Buying term insurance, paying down debt is a smart move.
  • Use a fee-only insurnace advisor, not a agent if you can afford it.


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