Immediate short term health insurance, also known as term insurance, is increasingly becoming a popular option for those caught in the protection gap and need temporary coverage until they qualify for traditional, longer-term protection. In this article, we will discuss the advantages and disadvantages of short-term health insurance, as well as its qualification requirements, costs, and more.
What are the advantages of short-term health insurance?
Short term health insurance covers essential medical needs such as doctor visits, hospital care, emergencies, x-rays, treatments in case of an illness, and more. These plans, in comparison to their longer-term counterparts, offer essential coverage at an affordable price and can be renewed upon expiration or canceled at any moment without paying a penalty. You can also apply for short-term health insurance plans all year round without having to keep an eye on Open Enrollment Period deadlines. In most cases, you can have your health insurance start immediately once you purchase a policy.
What are the disadvantages of temporary short term health insurance coverage?
While short-term plans cover essential medical needs, they are not meant to replace traditional health insurance. These plans do not cover pre-existing conditions, preventive care, maternity care, and prescription drugs. If you are looking for a policy to cover one or more of these conditions, short-term plans may not be the answer for you since you will may be denied enrollment if you have one of these conditions, or you may be able to purchase a plan with your condition excluded entirely.
How much do short term plans cost?
Short-term plans are not standardized nationwide and can be customized based on the policyholder’s needs. Therefore, the monthly premium changes from one insurance carrier to another. In general however, short-term immediate health insurance coverage costs significantly less than that of traditional plans.
Do I qualify for short-term health insurance?
Qualification requirements are not complicated. If you are a citizen or a legal resident of the United States and you do not qualify for Medicare, you can purchase a policy and get covered immediately. However, we suggest you check your state laws since California, Colorado, Hawaii, Massachusetts, New York, New Jersey, Rhode Island, Vermont, Connecticut, and New Mexico have restrictions on short-term health insurance.
How much is the ACA non-compliance penalty for short-term health insurance?
As of 2020, short-term health insurance policyholders are not required to pay an ACA non-compliance penalty, since short-term health insurance is no longer considered ACA non-compliant.
Are you still looking for more information about short-term health insurance? Our website eTermHealth.com aims to help those looking for short term, low-cost health insurance plans. Our site provides you with the knowledge needed to get you the coverage you are looking for through a speedy and seamless process. Our affiliates can provide coverage options and quotes for cheap short-term protection, getting you and/or your loved ones covered quickly with as little difficulty as possible.