Short-term Medical Insurance
Adaptable, Affordable, Flexible
Short-term Health Insurance
Also referred to as temporary health insurance, short-term health insurance and short-term medical insurance provides major medical type coverage in the case of accidents and illnesses. Single individuals and families are eligible for enrollment in these temporary medical insurance plans, which can last up to 364 days and are renewable for up to 36 months, predicated on the state in which you reside.
Advantages of Short-Term Medical Insurance
There are many benefits provided by short-term health insurance, which include:
- You keep your doctor, as these short-term plans provide broad network coverage so you pick the care provider of your choice.
- There are no open enrollment period restrictions with short-term medical insurance, so you can apply at any time.
- Applications are approved within minutes
- Short term plans have limited waiting periods. In many instances, coverage is available as early as 24 hours after the application approval.
- Short–term medical insurance can bridge the gap until the next ACA open enrollment.
- The ACA follows stringent requirements concerning benefits. For example, every plan must offer maturity services, and individuals cannot be rejected due to pre-existing conditions. Temporary or short-term medical insurance plans offer less broad coverage, therefore, they’re much more affordable.
- Short term medical insurance is available 24/7/365
Who Uses Short-Term Medical Insurance?
Due to its flexibility and unrestricted enrollment, short-term medical insurance is often used by individuals who don’t have an ACA or employer-sponsored health insurance plan. For individuals with a limited budget, as well as people who are transitioning from academics to career or are in transition, this temporary solution offers an inexpensive and flexible option. Individuals who are moving from a job to becoming self-employed or are graduating from college to enter the workforce often benefit from short-term medical insurance.
It is important to remember that due to their low-cost, short-term medical insurance plans are best suited for individuals in good health with no chronic conditions or complex medical needs. ACA plans provide coverage for those with chronic and complex conditions, including mental health issues. Applicants for ACA plans cannot be denied due to preexisting conditions. The ACA Plans also provide much broader benefits than short-term medical insurance plans, therefore, ACA Plans are much more expensive.
Short-term medical plans enable you to make monthly payments for whatever the maximum term established by your state maybe. However, these plans are not renewable. You must reapply at the end of the policy. These temporary health insurance plans do not provide coverage when you have a pre-existing condition. Furthermore, short-term healthcare plans don’t have the same coverage benefits as ACA plans. Should you choose to move into an ACA plan or join a group health plan, you can cancel your short-term plan at any time.