Taking care of your health is essential. You cannot afford to be without health insurance for even a very brief period, such as a few weeks. Did you know that three days in the hospital could cost $30,000 or a heart attack could cost more than $120,000? Additional medical services, like physical therapy, prescriptions, and follow-up visits, add to that expense.
Short-term health insurance can help you avoid these expenses when you find yourself in need during a gap period. Such coverage is much less expensive and quick to get. It is also a better option than bankruptcy.
What is the point of short-term health insurance?
Short-term health insurance is designed for people who need coverage between periods of long-term health insurance. For example, short-term plans suit people who have lost their employment or are awaiting coverage from a new job.
You can lock in a short-term plan from a period of 30 days to up to 12 months. Plans can also be locked in for up to 3 years, and you can extend the time if needed. Another attractive feature is that most short-term plans have little or no wait time before coverage starts. However, there are restrictions on what these plans cover, so be sure to review the policy to know what is included.
Is Texas short-term health insurance a good option?
If you need coverage for a short time, such as after a job loss, short-term health insurance can give you peace of mind and the opportunity to search for more comprehensive coverage. In addition, this coverage is excellent for new graduates seeking employment.
Short-term health insurance has a few significant benefits. For example, this coverage offers:
- Customizable plans — Varied plans and coverage levels are available, allowing you to customize your plan to fit your specific insurance needs.
- Flexible duration — You can select a period from 1 month to 3 years.
- Affordable options — Short-term health insurance can be significantly less expensive than Affordable Care Act (ACA) plans, in some cases half or two-thirds of the cost.
Most importantly, short-term insurance gives you peace of mind. Knowing that your basic medical needs are covered, you can explore different health insurance options to negotiate payments and coverage levels for a full-length plan.
Can you get short-term ACA insurance?
No, the ACA, sometimes called “Obamacare,” prohibits the use of short-term health insurance. However, former president Trump expanded coverage to include short-term plans to help fill in this gap. Still, obtaining a short-term plan under open enrollment for government-subsidized insurance is not easy, even if these plans are available in your area.
Nearly all short-term health plans come through private companies. Most health insurance providers offer some coverage that can help get you through the time you are without. In addition, you can find a plan at any time of the year, unlike most government plans.
The easiest and least expensive option is to work with an insurance broker, such as Custom Health Plans, that provides different insurance options. Custom Health Plans provides short-term health insurance in Texas as one of the premier agencies.
Is short-term health insurance renewable?
Yes, Texas short-term health insurance is renewable to a point. Some short-term health insurance plans only run 30 days but can be extended up to three years. It is best to discuss with your agent your goals and needs for short-term health insurance to find the plan that is most appropriate for you. However, plans with built-in extensions tend to be more expensive.
What is the difference between short-term and long-term health insurance?
Three significant differences exist price, coverage, and time frame.
Short-term health insurance costs significantly less than long-term health insurance. For example, you can find many plans for less than $100 per month versus plans that cost several hundred dollars to over $1,000 per month for a family.
However, short-term health plans can come with coverage restrictions. For instance, some plans do not cover diagnostics, expensive prescriptions, dental, vision, or many adjunct services, such as acupuncture, mental health services, or fitness memberships. Speak with your agent to learn exactly what is covered and what is not. In addition, many short-term health insurance plans will only cover maintenance visits to primary physicians and emergency services.
Finally, the time frame is the most significant difference. You can renew short-term health insurance for up to three years, but you cannot switch between providers. Theoretically, long-term health insurance can last as long as you are alive.
So, what do you do now?
Texas short-term health insurance can get you through a tough time. It can give you the flexibility to shop around for more permanent insurance and save you money in the long run. Even if you are healthy, short-term health insurance could save you tens of thousands of dollars in medical bills in the case of an emergency. Custom Health Plans can discuss options with you to meet your specific need. Contact us or call us at (469) 361-4032.