Advantages Of Short Term Medical Insurance

Short Term Medical Insurance

What term comes in your mind when you hear the word short-term medical insurance? Temporary? Well, you are right!

Short-term medical insurance knows as a Temporary Health Insurance or Term Health Insurance that provides coverage for a specific period. It provides you a temporary solution to help fill up gaps in coverage. However, it costs much less as compared to other premium insurance plans. This plan covers you and your family. There are many advantages of short-term medical insurance if you are:

  • Waiting for other coverage plans to begin
  • Between jobs
  • If you are waiting to be eligible for Medicare coverage
  • Outside of Open Enrollment (without health insurance)


Advantages of short term medical insurance

For all these situations and much more where you are full stuck in a coverage gap, finding the best and reliable short-term health insurance plan can be a right choice for you.

The benefits you will from short-term medical insurance is far different from the benefits you get with other major medical coverage plans that follow by the Affordable Care Act (ACA) also known as “Obamacare.”

The services that short-term medical insurance cover relate to unexpected injury or illness. For example, doctor visits, emergency room visits, surgeries, hospital stays, laboratory and X-rays services.

Some short-term plans cover other benefits like prescription drug coverage, but obviously, will be charged for it. Of course, the particular benefits depend upon the plan and the company you choose for yourself.

In many cases, most of the insurance companies require the applicants to answer a particular medical questionnaire when they apply for short-term medical insurance. Moreover, a company can decline your application, if you don’t meet specific criteria. However, if you get approved, you can immediately get the numerous benefits of the short-term medical insurance.

On the other hand, it is necessary to know that short-term plans only cover for a 30 day period throughout 12 months. This gives plenty of time to the people to get an ACA- complaint medical insurance plan during Open Enrollment.

Moreover, having a short-term coverage plan policy doesn’t meet the ACA’s requirements. So in this way, you can still subject to a tax penalty on your tax return.


Short term medical insurance exclusions

Although there are many benefits for all in short-term medical insurance, there are a few exclusions also. Same is the case with short term medical insurance. Some of them are as follows:

  • This plan does not include all the medical needs. (Routine medical needs)
  • The two most prominent exclusions are pre-existing conditions and also maternity coverage.
  • There are some other kind of exclusions such as drug coverage, dental, mental health, vision and services for preventive, etc.

However, an important thing is you will need to disclose the pre-existing condition if any, to an insurance company at the time you apply for a policy. Moreover, if you fail to do so, then there are chances that an insurance company can terminate your application for insurance policy.

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