Looking for Affordable Temporary Health Insurance Plans? Then this article is just for you, Temporary Health Insurance is one of the many new offerings provided by insurance companies in recent times. Let’s explore temporary health insurance and know its coverage and benefits.
What is Affordable Temporary Health Insurance Plans?
Affordable Temporary health insurance is a type of health insurance policy that provides medical coverage for a short duration of less than 12 months. It is designed to provide temporary coverage for medical emergencies or sudden illnesses.
Compared to regular health plans, short-term health insurance plans are more affordable and can be extremely helpful for people without a stable job. However, short-term health insurance plans usually do not cover pre-existing diseases, maternity expenses, or critical illnesses.
Benefits of Affordable Temporary Health Insurance Plans
Some of the most important benefits of affordable temporary health insurance plans are as follows:
- Low-cost Premium
The premium of a short-term health insurance plan is comparatively lower than the premium of a regular or long-term health insurance plan. Thus, people can obtain medical coverage without paying a hefty premium.
- Easier to Change Plans
Short-term health insurance plans have a shorter tenure. Therefore, if somebody is not satisfied with the terms and conditions of their health policy, they can change the plan or port to a different insurer to fulfill their medical requirements.
- Fills Temporary Coverage Gap
A short-term health insurance policy is highly beneficial for people with a coverage gap. For example, people who have missed their health policy renewal or someone who recently left a job.
- No Claim Bonus
Just like regular health plans, a No Claim Bonus (NCB) is granted to policyholders with short-term health insurance who did not raise a claim in the previous policy year. The NCB can be used to earn a renewal premium discount or an increase in the sum insured amount.
- Ease of Purchase
Buying a short-term health insurance plan is extremely easy, as most people do not have to undergo any medical check-up before policy issuance. Moreover, just like long-term health insurance plans, they can also be purchased online within a few minutes.
What is Covered by Affordable Temporary Health Insurance Plans?
The following medical procedures are covered by temporary health insurance plans:
- Hospitalization expenses
- Day care treatment
- Ambulance charges
- Organ donor expenses
- Surgery and operation theatre expenses
- Pre and post-hospitalization expenses
Who Should Purchase Affordable Temporary Health Insurance?
Short-term health insurance plans are ideal for the following people:
- Individuals staying for a short time
- Individuals who are in between jobs
- People looking for temporary but affordable health cover
Who can get Affordable Temporary Health insurance Plans?
If you live in a state offering temporary health insurance plans, you can apply for short-term coverage. But unlike Health Insurance Marketplace plans, your current health could disqualify you for coverage.
When you apply for short-term health insurance coverage, the application includes health questions to determine the insurance company’s risk of insuring you. If your answers reveal existing medical conditions, it could mean you won’t be approved.
If you get approved and file a claim for health benefits, the insurance provider will check your medical history. If they determine a pre-existing condition is contributing to your health issue, they could deny your claim and even cancel your policy.
How do you qualify for Affordable Temporary Health insurance Plans?
You have to medically qualify for temporary health insurance coverage, and only people living in states offering limited-duration plans can apply. Though people applying for traditional health insurance plans must do so during an open enrollment period or a special enrollment period with a qualifying event, you can apply for short-term health coverage anytime.
How much does Affordable Temporary Health insurance Plans cost?
The average cost of short-term health insurance is $208 a month, according to our analysis of rates. Short-term medical insurance costs depend on several factors, including:
- Your age.
- Whether you want to include coverage for a spouse or dependent(s) and their ages.
- The types of services the plan offers.
- The coverage details you choose, like deductible, coinsurance, and total policy coverage.
- Smoking and health status of all covered individuals.
Make sure to read the fine print of a temporary health plan before purchasing to know what’s covered and what isn’t covered. The cheaper the plan, the less coverage it will have, with higher out-of-pocket costs and lower total policy coverage.
What does Affordable Temporary Health insurance Plans cover?
Since short-term health insurance plans don’t have to comply with federal laws under the ACA, coverage can vary widely from plan to plan.
- Short-term health policies may cover:
- Doctor’s office visit.
- Emergency room visits.
- Preventive care.
- Urgent care services.
It’s important to compare short-term plans and read the policy carefully to know what it covers and doesn’t cover so you can find a plan that meets your specific needs.
What does Affordable Temporary Health insurance Plans not cover?
Traditional health insurance plans include coverage for maternity care, substance abuse, and mental health services. However, short-term health insurance policies typically exclude coverage for these medical services.
Pre-existing conditions, chronic conditions, long-term care, and certain surgeries and treatments are also typically excluded when you buy temporary coverage, said Dr. David Berg, CEO and co-founder of Redirect Health.
You should also be aware of coverage for prescription drugs. Some short-term health policies include prescription coverage, while others exclude it. Those who exclude prescriptions may offer a discount card instead. Although the insurer won’t cover medication costs, the discount card can help you get a lower price on prescription drugs.
How to find the best Affordable Temporary Health insurance for your needs?
Here are things to consider when shopping for the best short-term health insurance:
- Determine your coverage needs: “Consider factors such as pre-existing conditions, prescription drug needs, and any expected medical treatments,” said Evan Tunis, president of Florida Healthcare Insurance. Knowing what coverage, you need will make it easier to compare short-term health insurance plans.
- Research insurance companies: Now that you know your coverage needs, look for reputable providers with positive customer reviews, said Tunis. A company with excellent financial strength ratings shows a solid ability to pay claims. Everest and UnitedHealthcare both have an A+ financial strength rating from AM Best.
- Compare plan details: “Compare the coverage, costs, deductibles, and exclusions of various short-term plans to make sure it aligns with your needs,” said Dr. Berg.
- Consider the plan network: If you prefer to keep your doctor or have a specific doctor or hospital in mind for the treatment, check to see if they’re in the provider’s plan network.
- Understand the plan’s limitations: Most short-term plans won’t cover pre-existing medical conditions and may have other exclusions that differ from plan to plan. Carefully review each plan’s limitations to determine which is best for you.
Short-term health insurance is beneficial for people seeking temporary medical coverage. Therefore, people interested in purchasing short-term health insurance must compare plans offered by different insurance companies before purchasing one.