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Who Should Consider Short Term Insurance Plans?
Short Term health insurance plans make sense for people who are:
- Under 65 and in good health
- Rolling off their parent’s insurance
- In between jobs
- Without health insurance, have missed Open Enrollment and do
not have a qualifying event for Special Enrollment
- Waiting for your Affordable Care Act (ACA) coverage to begin
- A college student or just out of school
- Waiting for benefits to begin at a new job
- Waiting for Medicare
- Needing a temporary alternative to COBRA insurance
- Losing coverage following a divorce
- Immediate individual and family coverage,
- Coverage range 30 days to 11 months
- Number of days you will need to be covered may allow you to make a single payment for the whole coverage period
- Typically offered with a selection of premiums, deductibles and benefit maximums (policies are considerably less expensive than ACA compliant major medical plans)
- Cover a range of physician services, surgery, outpatient and inpatient care
- Choice of doctor and hospital without restrictions, though there may be financial incentives for using in network providers
WHAT SHORT-TERM HEALTH INSURANCE WON’T COVER
Short term major medical plans weren’t designed to cover all of the ACA’s essential benefits.
Short term health insurance plans are intended as temporary coverage, they predominantly include benefits for unexpected injuries and illnesses. However, some plans include a few preventive care benefits—though, nothing as comprehensive as the essential health benefits required of ACA compliant coverage.
Be sure to check the list of exclusions on any policy. Short term major medical may not be available in all 50 states.