Short Term Insurance in Securing Your Health
When situations call for the loss of a job, the prime thing on most people’s minds is: What will I do for health insurance? In such situations, it is worthwhile to look at short term health insurance, with its myriad features, as a possible option.
Short term medical insurance is ideal for those who are recent graduates, in between jobs, waiting for employer insurance to kick in, and part-time employees. If you are waiting for more long-term coverage, for instance, you’ve retired early and are waiting for Medicare, short term insurance can neatly fill in the coverage gap.
Usually, when one loses his/her job, COBRA insurance is offered as an option.While COBRA continues long-term coverage without a break, it is expensive-sometimes even beating short term insurance in cost.
Short term health insurance does not feature lengthy underwriting procedures, and typically, coverage begins the day after application.It is perfect for those with temporary insurance needs, especially people with no significant pre-existing conditions, which are not covered by short term insurance.
When you purchase a short term medical insurance plan, you will be covered for any illness or injury that did not exist earlier, as defined by the look-back period. You will be covered for inpatient and outpatient care including surgery, diagnostic examinations and prescriptions, and also for ambulance services.Doctor visits are also covered by most plans, subject to the applicable deductible and co-pay.
As with any temporary plan, short term healhealth insurance does not cover pre-existing conditions, pregnancy, cosmetic surgery, and eye and dental care.
When you opt for short term medical insurance, you can choose from a range of plans and options.Not only does the maximum benefit amount differ by plan, applicable deductibles and co-pays can be customized as well. If you are an early retiree, for example, the plan you end up with will be very different than that of a young part-time employee.
When you purchase short term health insurance, you might be tempted to continue on it for a long time. However, it is designed for short periods, and you must ideally not exceed a year or so in short term coverage.If your insurance situation is uncertain, you can renew the plan monthly, for the maximum period specified in the plan.
