Life is unpredictable and you never know what unforeseen events may come your way. Imagine this: you are accidentally injured, need immediate medical attention, and are in the hospital worrying about how you will get the money to pay an incredibly high hospital bill.
Sounds scary, right? Fortunately, your health insurance makes sure you have a pillow if you run into such situations. But what if you can't afford health insurance right now or you miss the registration period? Well, there is always the option of short term health insurance.
What is short term health insurance?
Short-term health insurance starts from a month and lasts up to a year; some states even offer 3-year plans. Provides coverage for essentials such as emergencies, common illnesses and injuries. On top of that, it requires you to pay only a small monthly premium compared to Affordable Care Act (ACA) plans.
Short-term health plans generally don't offer benefits like mental health care, annual checkups, and the cost of prescription drugs (although some companies do). However, it is helpful in the event that you are accidentally injured and not enrolled in an ACA plan.
Therefore, short-term health insurance can be (literally) a lifesaver in many situations. It is always better to have some financial protection than not.
Reasons to buy short-term health insurance
Who should buy short-term health insurance and why? Here are some circumstances when buying short-term insurance might be the best option.
1. Coverage gaps
These plans are generally helpful in certain situations. For example, you cannot register during the registration period for a regular health insurance plan. In case you lose your job and also your health benefits, you can cover basic medical expenses with this plan while you look for a new job.
But what if you go two months without insurance? In an unforeseen emergency, you may have to pay thousands of dollars in medical bills or possibly go into debt.
2. Adjustable
The best thing about a short-term plan is that it is flexible. There are no restrictions on how long it must be covered and it is not required. You can adjust the duration according to your needs and cancel coverage if you no longer need it.
Suppose you've been in jobs for months and you know you already have some medical problems that need attention, you can sign up for short-term coverage. You can choose a period of no less than 30 days, and it usually lasts up to a year. It is customizable according to your situation and needs.
3. Less expensive
While not having insurance can save you a monthly premium, getting short-term coverage is the smartest option. This is mainly because this type of coverage is much cheaper than a standard health insurance plan.
What could your average monthly payment be? The average cost of short-term health insurance in the United States is $ 100 to $ 200, which is much lower than coverage that complies with the ACA.
Although you may be charged high deductibles, you can be sure that in the event of a medical emergency, your insurance will cover it. For this reason, short-term health plans are a smart and affordable option during the coverage gaps.
4. Quick registration
With standard health insurance plans, it typically takes one to two months before your insurance plan is viable. The processing, evaluation and approval of this type of coverage takes several weeks.
However, this is not the case for short-term plans. The reason anyone would buy a short-term plan is that you can get insurance right away while you wait to enroll in a standard health coverage plan.
These plans take 1 to 2 days before they are approved.
5. Benefits
According to the ACA, standard health insurance must offer 10 essential health benefits. But what if you don't need these services often or at all, like maternity care or mental health care?
Short-term health insurance provides coverage for emergency room visits, routine medical care, hospitalization, and outpatient care. Additionally, some plans also cover prescription drugs. If this is the most you hope to face, short-term plans are a good option for you.
Another useful thing about this type of coverage is that you can choose discounts, duration, and services from a variety of different plans offered by many companies.
How do I apply for a short term health insurance plan?
Applying for this type of insurance is easy. First, visit the company's website and read the terms and policies carefully. Next, fill out the online registration forms to answer some necessary questions.
After that, you will be able to compare the different plans and choose the one that is right for you. Make sure you read the terms and conditions carefully and know what you are paying for.
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