Does your company offer short term health insurance? On face value, it doesn’t seem ideal, but there are some real advantages to it for you.
If you’d like to learn more about why short term health insurance is a good deal – and how to make the most of it, then read on!
What Is Short Term Insurance?
Short Term Health Insurance gives coverage in situations like accidents or illness during a set period of time. They generally give a lower premium than other insurance options.
There are two key benefits to temporary medical Health coverage. You can use it to pay for services from any willing provider – even your own doctor! Next, there are no enrollment restrictions, but more on that later.
What Are the Pros?
Temporary health insurance can be a perfect solution if you’re in pretty good health but you need benefits for unexpected medical bills. Maybe you had a hospitalization or surgery that wasn’t planned. It’s an insurance plan that covers you for up to 90 days.
The real benefit to short term health insurance is that it’s customizable. You can choose how many days you want to cover for and select your coinsurance and deductible amounts. You can use it with your existing medical team, or track down discounts with the insurance partner network providers.
Because it’s only a short term expense, you can afford to spend more to get really robust coverage or go with plans that offer benefits even to pre-existing conditions.
Premiums can Less then half the cost than Obamacare plans. On top of that, many of the short term insurance providers have large partnerPPO networks offering very decent discounts. It’s all about doing your research to get the greatest benefits for the smallest investment.
What Are the Cons?
It goes without saying that none of the insurance plan options is one-size-fits-all. This is true for short term insurance. For a start, they’re not the Affordable Care Act (ACA) compliant.
As of Jan 1st, 2019 the new tax reform bill eliminated the fine/tax associated with Obamacare mandate for not having an ACA qualified plan. So the fine or tax is no longer an issue as of Jan 1st, 2019. There are also a bunch of different exemptions you may qualify for prior to Tax law. Consulting with a CPA would be recommended.
Temporary plans don’t include coverage for preventative care services or essential health benefits under the ACA definition. They don’t cover pre-existing conditions as standard, and coverage can be pretty limited.
They also don’t have guaranteed issue coverage, so your health history or age might alter your eligibility. Again, this changes from one provider to the next, so do your homework right.
On Enrollment Periods
Short term insurance doesn’t have an enrollment period. When you buy short term coverage, you don’t have to waste your time waiting for open enrollment or apply to qualify for special enrollment.
You get a quick quote online, apply, and you can be covered by the next day in many instances.
Will I Be Eligible for Obamacare Subsidies?
Temporary health plans aren’t eligible for cost-sharing reductions or tax credits. This can be a big deal for some and might rule out temporary health plans as an option for them.
When It Isn’t for You
Short term options won’t suit everyone. If you are generally in poor health, have a chronic condition, or your medical needs are quite complex, you’d be better off under an ACA or big employer-sponsored plan. Either of these options will help you with specific needs like mental health or maternity too.
Complications resulting from maternity care can be covered under a short-term plan. Standard childbirth services are unlikely to be.
How to Arrange It
If you need temporary health coverage to protect you and your bank balance against big and unexpected medical expenses, short term insurance is a great option. If what you’re after is comprehensive, longer-term options, well, look elsewhere.
What short term coverage will do for you is fill the gap. Perhaps you’re without work temporarily or there’s one particular specialist you want to see. That’s the perfect circumstance to employ short term cover.
It gives a streamlined package with the sorts of services a healthy person will need if unwell or after an accident. It’ll cover things like doctor visits, stays in the hospital, treatment benefits and x-rays.
Do some online searching and ask friends and family for recommendations for reputable insurance companies with competitive rates. You should be able to get an online quote for your situation pretty quickly.
Remember, since there are no enrollment period restrictions, you can apply for the short term insurance you need when you need it. Taking some of the stress out of getting coverage.
Where Can I Get More Advice?
Ask around trusted friends and families for short-term insurance experiences and about what companies they recommend. You should also check out testimonials online from those that have had coverage with the companies you’re considering.
If you’re in Texas, consider an affordable health insurance broker like custom Health Plans.
Get to It!
If you’re healthy, but between jobs or dealing with an unexpected bill for hospitalization or surgery, you need quick coverage. But only or a period of fewer than 90 days. In this scenario, temporary health coverage could be just what the doctor ordered.
The best way to really see if a short term health plan is right for you is to get a detailed quote. Make sure you check online testimonials from people in comparable situations. And of course, talk to the experts.
Why put it off any longer? Get the information you need to make an informed decision about your healthcare insurance, and get a free quote from Custom Health Plans today!