Did you know that short-term health insurance is a type of coverage that range in duration from 30 days up to 364 days?
And you can renew for not more than 364 days. This type of health insurance is affordable but temporary. Also, this type of coverage doesn’t fulfill all government or employer requirements, such as essential health benefits or minimum coverage. The coverage doesn’t cover pre-existing conditions.
What is Short-term health insurance?
Short-term health insurance, also known as short-term medical coverage, is a type of health insurance that is designed to cover mostly medical emergencies.
Also, this short-term health insurance lasts for between 30 and 365 days. So, it is designed for temporary situations, such as following bad flu or injury, or to assist in covering expenses while a person is traveling.
Furthermore, it is helpful for those that only need coverage for about three months, for instance, before enrolling in a regular health insurance plan.
Moreover, the coverage also does not require prior conditions and usually does not have access to coverage outside of the United States.
Short-term health insurance is actually an excellent solution for many consumers. These plans provide coverage for a limited period of time, usually 31, 60, or 90 days, and usually at a much lower price than a traditional policy.
And they are a great choice for individuals who only need coverage for a short time because of a vacation, new job, or major life change.
Who can buy short-term health insurance?
Short-term health insurance is distinct from other health insurance policies because short-term health insurance has a shorter coverage period.
People in transition, such as college students, people who are temporarily laid off or unemployed, and people between jobs. These sets of people can buy short-term health plans for themselves.
It also serves as a work-based health plan that covers only you and any eligible dependent(s). Although it can be expensive to buy, it’s available at prices that are usually cheaper than the traditional individual or family health plans.
Tourists and ex-pats are not left out. This type of health insurance plan is perfect for tourists to cover their health for the period of their stay in the country. That is, in the absence of an international health insurance plan in place.
Short-term health insurance is usually cheaper than the standard plan but comes with lower coverage limits.
What is the cost of short-term insurance?
The price varies based on the insurance provider, the coverage, and the duration of coverage. then, for you to get all you want out of the plan, make sure that you compare different insurance providers before you purchase a plan.
Short-term health insurance coverage fluctuates based on the person’s age, gender, and the type of plan they are considering. Typically, a short-term insurance plan costs between $10 to $30 per month, depending on these different factors.
Most health insurance policies have a 30-day in or out clause. This means that a person can only have health insurance for 30 days or more at a time.
What does short-term health insurance cover?
Majorly, your health insurance cover depends on the type of plan you bought. A short-term plan generally covers temporary or short-term illnesses or injuries, emergency hospital, and treatment.
Also, short-term coverage can take care of prescribed drug refills, and doctor’s appointments.
Such insurance is often available for periods of less than six months or a year. In essence, this plan does not provide standard health insurance coverage.
How long can short-term health insurance last?
Short-term health insurance, sometimes called temporary health insurance, is a type of health coverage that can cover a person for a limited amount of time. Though it may last not less than 30 days and not longer than a year.
What makes you eligible for this plan?
Now, health insurance companies provide short-term health plans to those who meet specific income requirements. So, for you to become eligible or get approved, you must meet some criteria: your circumstances, income, and your age.
That is, in order to qualify for this insurance plan, you have to be under the age of 65, have an income below a certain threshold, and meet other requirements.
For example, your household income and how long you plan to stay all help to determine the amount you can spend on your health plan.
Short term health insurance vs long term health insurance
There are different types of health care insurance, including short-term health insurance and long-term health insurance.
Generally, people purchase short-term health coverage to cover a specific period of time. However, insurance companies do not recommend short-term plans for people who plan to live in a particular location for a long period of time, or residents that are gainfully paid and work full-time jobs. Then again, it is quite useful for people that just ran out of their long-term coverage and looking to renew.
Long-term health insurance, on the other hand, is purchased by people who need health insurance for more than 12 months. And by people who live permanently in the country and have a family. Also, for citizens who are older or who have pre-existing conditions.
More so, long-term insurance has more coverage policies and more accomodating.
Benefits of short term health insurance
There are many benefits of this type of coverage.
Availability of coverage
Though short-term health insurance is not readily available to everyone. Yet, it is available to the right people if they meet certain conditions.
Firstly, this coverage is affordable. It has lower premiums, compared to regular health insurance.
Health insurance companies
- Blue Cross Blue Shield Association
- Ameritas Holding Company
- Molina Health Care
- The Oriental Insurance Company
- TATA AIG
- Blue Shield of California
- Kaiser Permanente
- UnitedHealthcare Group
- Niva Bupa
- Care Health Insurance
- Bright Health Group
- Bharti AXA General Insurance