Short-Term Health Insurance:
Temporary Coverage During Times Of Change
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Fixed Indemnity Coverage Explanation
Sometimes we find ourselves in times of transition. For instance, an unexcepted job loss resulting in loss of medical coverage. This is where Short-Term Medical Insurance would be essential to helping you bridge the gap in your coverage. Enrolling in a Short-Term Plan will give you access to temporary health coverage that protects you from expensive medical bills that may arise from an unexpected illness or injury until you can enroll in new employer coverage.
Short-term plans offer policies from 30 days in length up to 364 days of coverage. In some states, individuals can renew their coverage for up to 3 years.
Who Should Consider Short Term Health Plans?
Employment Change – whether it is laid off’s or business closing, loss of employment is the most common reason people purchase Short-Term Medical Insurance.
Permanent Insurance (ACA) Not Available – There are situations where individuals can not get major medical insurance through the marketplace. In such cases, short-term insurance may be able to help.
Attending Higher Education – In many circumstances’ marketplace coverage does not offer benefits outside of the state. Therefore, for students attending an out-of-state school, short-term plans can offer them coverage when and where they need it.
Waiting for Medicare – Many beneficiaries find may find themselves with only a short period of time between loss of coverage due to retirement and Original Medicare enrollment. For them, short-term plans are a great alternative.
How Much Does It Cost and What is Covered?
Short-term plans offer competitive premiums, often costing less than traditional major medical insurance. The coverage offered by these types of plans varies based on several factors, including the company offering the plan and the state in which you are located. However, short-term plans will cover things like emergency hospital visits and some doctors’ office appointments.
It is important to note that almost all temporary health insurance plans will not provide members coverage or treatment for things such as:
- Pre-existing conditions
- Mental health conditions
- Maternity Care
- Full Rx Benefits
Transition plans like short-term medical plans are also not required to cover the essential health benefits and protections afforded in the Affordable Care Act plans. This could mean that you may not be able to renew your coverage once it has ended due to a medical condition suffered during your first coverage period.
It is important to read and understand the details of your plan and the limitations in coverage before you enroll. Always remember that our team at Fika Insurance is available to answer any questions and ensure that you get a plan that fits your induvial needs.
Short-Term Plans Vs. Affordable Care Act Coverage:
- *Higher monthly cost
- Emergency hospital coverage offered
- Doctor’s office visits covered
- Maternity, preexisting conditions, mental illness covered on all plans
- Only available during certain times of the year (open enrollment) or special circumstances (SEP)
- Lower monthly cost
- Emergency hospital coverage offered
- Doctor’s office visits covered
- Maternity, preexisting conditions, mental illness are not covered on all plans.
- Available year-round often with next day insurance effective dates.
*Cost should be evaluated on an individual bases and would heavily depend on one’s ability to gain premium subsidies through the Federal Marketplace.
Frequently Asked Questions:
Yes, many insurance providers that offer short-term plans use their network due to previously negotiated rates for service.
- Short -term plans offer policies from 30 days in length up to 364 days of coverage. In some states, individuals can renew their coverage for up to 3 years.
- Plans are not guaranteed renewable based on underwriting guidelines and other standards.
Short -term insurance can be a good option for people who are generally heathy and do not visit the doctor often or require the use of maintenance medications. These plans also work well for individuals needing immediate coverage.
As of 2022, there is no tax penalty for individuals with non-minimum essential coverage.
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