Life can often catch you off-guard. Even when we plan on changes in life like new jobs, being over 26 years old, or waiting for your Medicare coverage to start at 65, those things rarely go exactly as planned. Short-term health insurance plans are fantastic resources to help you navigate those transitions with confidence.
You may be between jobs, dealing with a gap in your insurance coverage, or no longer under your parents’ insurance coverage. You may also be wanting coverage while you shop for an insurance plan that fits you best. Short term health insurance plans are the best tool to have in your back pocket!
What Are The Benefits Of Short Term Health Insurance?
Short term health insurance plans are provided to assist those in need of temporary coverage while they are in between insurance plans for various reasons.
Unlike typical health insurance plans, which often have wait periods after enrollment, short term health insurance can be provided to the beneficiary immediately after being accepted. Some of the benefits of short term health care are:
One: The coverage can last anywhere from one month to a full year, which is dependent on your needs as the recipient. You can cancel at any time.
Two: If you forgot to take part in Open Enrollment, this type of coverage is imperative because, if your application is accepted, coverage begins right away.
Three: Short term health insurance is a plan which provides urgent care needs and doctors visits, which, if you’re a mostly healthy individual, is a great plan to have while you wait for your more permanent plan to kick in.
What To Keep In Mind
Although it’s true that short term health insurance is a great idea for many people who are in transitions, there are a few things that would be wise for you to consider when looking into short term insurance plans.
High Deductible: Short term insurance plans are an advantageous resource during gap months in your insurance plans, however, most plans operate under a high deductible. This means the money you pay out-of-pocket before the plan can be applied to your medical needs is often higher than a typical Affordable Care insurance plan. (However, your monthly premiums are considerably lower!)
Maternity Care: If pregnancy is a possibility for you, relying on a short term health insurance plan may get a little tricky. Most short term health plans consider pregnancy on the same level as preexisting conditions and will not cover your maternity care needs.
Maximum Benefits: Short term insurance is just that: short term. Each specific plan comes with a cap on how much money can be given to the beneficiary. Make sure you read your plan details carefully to know what that “cap” is, so you aren’t caught off guard if you end up using your short term health insurance plan more than you originally intended.
Exclusions and Limitations: Always look at the Exclusions and Limitations section of a Short Term Health Insurance plan for other important differences between these plans and group, Marketplace, and Medicare coverage.
Get The Help You Need!
Now that we are well past the Open Enrollment window for insurance plans in 2020, short term insurance plans can be a wonderful way for you to know you can start the year off with confidence as you deal with an insurance gap.
If you have questions about what short term health insurance plans are available to you as an Indiana resident, be sure to set up an appointment with insurance agent, Michael Suhany so he can answer your questions and help you choose the plan that’s just right for you!