Short-term medical insurance plans can play an important role for people who are in between jobs and waiting for new health insurance coverage to start. This type of transitional coverage, although limited in benefits can provide a gap in insurance coverage for sudden accidents or illnesses which could devastate people financially with no health insurance coverage at all.
What is Short Term Medical Insurance?
Short term medical insurance is temporary health insurance which can provide medical coverage up to six months and some plans may offer coverage up to one full year. Although these short term plans do not meet the minimum requirements of the Affordable Care Act, these plans still provide coverage for doctor visits, emergency room visits, hospital benefits and even prescription drug benefits.
While short-term medical insurance plans do not have a waiting period – they start the day you apply and let you keep your own doctors – they may not cover things like pre-existing medical conditions, certain maintenance prescription drugs, or some preventative care procedures. These limitations, while not necessarily suitable for some people, are designed to protect you in the event of a sudden illness or injury and costs far less than major medical health insurance.
How Much Does Short-Term Medical Insurance Cost?
The cost of short term medical insurance plans vary with each insurance carrier but average premiums for a single insured are about $107 per month and $230 per month for a family. Insurance carriers offer several different health insurance plan features which are designed to meet the needs of many consumers. Some notable insurance carriers are: UnitedHealthOne, TheIHC Group and Assurant Health.
Is Short Term Medical Insurance Right for You?
Examples of people who might purchase Short Term Medical Insurance:
Waiting for employer benefits
A temporary or seasonal employee
Waiting for the next open enrollment period through The Affordable Care Act
College grads coming off their parent’s medical insurance
Short-term medical insurance can help you smooth life’s transitions and make sure you are never without medical coverage. To see if short-term health insurance is right for you, call us at 800-514-3513
Written By: Bill Behr