6 Situation Why People Choose Short-Term Health Insurance | Chris Antrim Insurance

Understanding What Is Short-Term Insurance

Short-term health insurance plans are meant to be used as temporary insurance coverage gaps. Many people are turning to short-term insurance because they think that it is less expensive than other health insurance plans.

Little did they know, short-term coverage has many restrictions and exclusions. Like they might have not covered the essentials benefits, or they have the restrictive maximum limits. Aside from that, they also have high copays and deductibles, or do not cover pre-existing conditions.

Even though they have much difference between the other health plans, it is best to understand short-term plans and their components before deciding to go shopping for one.

Although this plan is limited and has its disadvantages, they are several situations you need to consider before buying short-term plans instead of going to the ACA marketplace. Below here are the 6 situations you have to understand to be able to determine that a short-term plan is right for you.

1. Filling insurance coverage gaps between your employer coverage and your next job.

• It is a wise decision to secure yourself with temporary health coverage while waiting for you to land on your next job. When you’re unemployed and you think that you can get a job right away. It is tempting to wait it out and remain uninsured, especially if you have a tight income that paying monthly premiums for health plans can break the bank. But as the saying goes, prevention is better than cure. If unexpected medical bills fall out on you and you are uninsured, this might cause you much more than paying monthly premiums.

   2. You’re in an employer waiting period.

• In some jobs, there is a 90 days waiting period before a new employee becomes eligible for the employer's health insurance benefit package. Or sometimes it could be as short as a few weeks.

  3. You’ve missed the initial enrollment period.

• We understand that life gets busy. We often forget something like the open enrollment period for health insurance. It is an excellent choice to enroll yourself in a short-term plan while waiting for the open enrollment period. Having coverage in a short period will give you peace of mind.

  4. You’re eligible for a Special Enrollment period but waiting for coverage to begin.

• Another tempting situation that might leave you uninsured is if you’re qualified for a special enrollment period. It is better to stay protected in the meantime while you’re waiting for you to enroll.

  5. Early retirement and don’t yet qualify for Medicare.

• Don’t risk your retirement savings waiting to get qualify for Medicare, consider buying short-term health insurance is a temporary option especially for those people who retire early and waiting for Medicare eligibility.

  6. You’re exempt from Obamacare.

• Even though health insurance in most states is not required. Don’t gamble your life and future.

Top Reasons You Should Buy A Short-Term Health Insurance

Health insurance is essential for everyone to have, but what if you find yourself in a situation where you need coverage for a short period? This is where short term health insurance comes in. Short term health insurance policies are designed to provide temporary health coverage to individuals for a limited time, usually up to 364 days. If you are considering purchasing short term health insurance, here are the top reasons why it can be a good choice for you.

• Affordable premiums. One of the most significant advantages of short term health insurance is its affordability. These policies have lower monthly premiums than traditional health insurance plans. This can be especially beneficial if you are in between jobs or waiting for your employer-provided coverage to begin. Short term health insurance is an excellent option if you need to fill a gap in your health insurance coverage.
• Quick coverage. With short term health insurance, you can get coverage almost immediately. In most cases, you can apply and receive coverage within a few days. This is beneficial if you have an unexpected medical emergency and need coverage right away.
• Flexibility. Short term health insurance offers more flexibility than traditional health insurance plans. You can choose the length of coverage you need, from a few weeks to up to 364 days. This flexibility allows you to customize your coverage based on your specific needs.
• No network restrictions. Short term health insurance policies do not have network restrictions like traditional health insurance plans. You can choose any healthcare provider or hospital, and you will still receive coverage. This is beneficial if you need to see a specialist or receive medical care outside of your network.
• No enrollment period. Unlike traditional health insurance plans, which have a specific enrollment period, you can purchase short term health insurance at any time throughout the year. This is beneficial if you miss the enrollment period for traditional health insurance or if you need coverage outside of the open enrollment period.
• Easy to cancel. Short term health insurance policies are easy to cancel if you no longer need coverage. You can cancel your policy at any time without penalty. This is beneficial if you find yourself no longer needing coverage or if you find a different health insurance plan that better fits your needs.

What is covered by short-term health insurance?

For people in need, a short-term health insurance plan offers numerous advantages as a temporary solution. Both emergency care and assurance against unforeseen medical expenses are covered by this plan. In the event that the policyholder is gravely injured or unwell, hospital visits will also be covered. Until the coverage expires, these plans also pay for follow-up care for urgent medical conditions.

What is not covered by a short-term health insurance plan?

Any continuing medical issues are not covered by short-term health insurance coverage. They are not appropriate for the long-term management of health conditions because they are made to address urgent medical needs. These extremely seldom or never cover vision, dental, or medical equipment. Outside of a hospital environment, prescription costs are mostly the policyholder's burden and are not covered by this plan.

As you experience any of these situations, looking for temporary coverage to fill in your needs might help you later in life. It is always worth it to have security and protection especially these days and the COVID-19 pandemic is hitting globally. Don’t take a risk on your life and future, give yourself the peace of mind you deserve.

How do I enroll in a short-term health insurance plan?

A health questionnaire on your medical history is required for short-term medical insurance. Additionally, you must indicate any pre-existing conditions within the prior five years. Your insurer may reject your application based on your answers. An insurer, agent, or broker can offer a short-term plan to qualified applicants. Not all states and corporations offer these plans, and the Health Insurance Marketplace and state-based exchanges don't sell them.

Any time of year, you can join a short-term plan. Your coverage may start the day after the insurer accepts your application, depending on your health and medical underwriting. Select your preferred effective date. If your short-term plan ends mid-year, you can't enroll in a standard health plan during a special enrollment period. Short-term insurance policies don't fulfill MEC, therefore losing coverage isn't a qualifying life event.

Only two short-term plan renewals are allowed by federal law. You might be covered for three years. Many states limit plan duration and don't allow renewals. Check with your insurance for a short-term plan with extended limitations and renewal.

Why Choose Chris Antrim Insurance For Your Short-Term Health Insurance

Short-term plans may be convenient for those with coverage gaps. However, some states don't allow them and don't follow ACA rules. This is especially problematic if you have pre-existing diseases and need a certain quantity of medical care or want premium tax credits to subsidize your health plan.

Participate in an employer-sponsored health benefit or enroll in a traditional health plan on a public or private exchange during open enrollment for complete health coverage. Thus, you and your family will enjoy ACA protections and the greatest coverage.

At Chris Antrim Insurance, we understand the importance of short-term health coverage during transitional periods in your life. Whether you're between jobs, waiting for employer benefits to kick in, or seeking temporary coverage, our policies are designed to offer you peace of mind and financial security.

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