The Benefits of Short Term Health Insurance

Short Term Health Insurance Benefits:

A Snapshot

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medical insurance plan

Choose Your Doctor

Find comfort in having access to an expansive doctor network.

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short term health insurance benefits

Lower Costs

Pay much less in comparison to other major medical coverage.

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short-term plans

Enrollment is Easy

Need to enroll after Open Enrollment? No problem.

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pros and cons of short term health insurance

Immediate Coverage

Need short term coverage immediately? No need to wait.

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Short-term insurance benefits

Financial Protection

Safeguard your finances from health emergencies.

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essential health benefits

Customizable

Flexible and requires no commitment.

benefits of short term

Expansive Doctor Network

With the majority of medical professionals accepting term insurance, you can find comfort in having access to an expansive doctor network. This means that when you Need short term coverage immediately, there is no need for you to change your current doctor.  When you acquire your new policy, you can use it with virtually any doctor or hospital.

what are the disadvantages of short term health insurance

Less Costly than Major Medical Policies

One of the most appreciated short term health insurance benefits is that it is a much lower cost alternative than that of other major medical policies. Because term health insurance varies based on their time periods and coverage, you are essentially only paying for the health services that you believe you will need, when you need them.

what are the disadvantages of short term health insurance
advantages of short term health insurance

Easy Enrollment at Any Time

With term insurance, you are eligible to enroll any time of the year. Annual Open Enrollment periods do not apply to term health insurance. Have you missed Open Enrollment? Are you not eligible for employee-sponsored coverage? Health insurance for short term periods is an affordable option to help bridge any gap between longer term coverage.

pros and cons of short term health insurance

No Waiting. Coverage Can Begin Tomorrow

Another one of the benefits is not having to wait. With a quick and easy sign-up process, your coverage can start right away. Maybe you just started a new job and a waiting period is in effect until your insurance is active. Whatever your situation, there is no need for you or your family to go uninsured.

pros and cons of short term health insurance
short term health insurance benefits

Financial Protection after a Health Emergency

Health emergencies can be a huge burden both personally and financially. The essential health benefits of these policies include covering the sorts of expenses encountered by unexpected injuries, illness, or hospitalization. With these types of coverage options, you can find comfort in having the health benefits and financial protection needed from common accidents/illnesses.

the benefits of short term health insurance

Customizable with No Need to Commit

The convenience of customization in short term insurance makes it one of the most appreciated aspects of these types of policies.  Insurance like these are built to be customized according to your needs, requiring no commitment. You get to decide your coverage options and insurance duration; coverage can be monthly or yearly, and renewed for up to 36 months.

the benefits of short term health insurance
health benefits

More on the Advantages and Disadvantages
of Short Term Health Insurance

The pros and cons of short term health insurance will vary from person to person.

It’s important to understand the entirety of what short term policies have to offer as well as their limitations. You should also compare short-term health insurance vs. regular health insurance; short term coverage is not meant to be a long-term solution. Short-term insurance benefits are plenty, but not for those looking for a long term solution. If you require coverage from anywhere from 1-36 months, term coverage may be advantageous at a much lesser cost in comparison to traditional long-term policies.

Disadvantages of Short Term Health Insurance

Firstly, as the name suggests, a short term plan is intended to be used for short periods only. With each state having its own laws, the majority of states allow plans to be used for a few months up to a year, with options to renew up to 36 months. Make sure to check term options with the state laws where you live.

 

Secondly, the benefits of short term health insurance policies do not typically provide coverage for maternity care, prescription drugs, or pre-existing conditions. Unlike that of ACA plans, coverage can be denied due to your current condition or health history. More importantly, if you make a claim during your coverage period, that said claim may end up increasing your premiums on a renewed policy period. Furthermore, the claim may be categorized as a pre-existing condition and end up being excluded on your next plan altogether.  

Advantages of Short Term Health Insurance

The most noticeable advantage of short term health insurance plans is the cost. Pricing for short term health insurance policies are known to be much lower than ACA/traditional policies. The lower price accounts for the shorter time period and the more limited benefits they provide. Again, short term insurance is a useful and affordable bridge of protection, but not a long term solution.

 

Before 2019, short term coverage came with a tax penalty. They were considered to provide inadequate coverage, however this has changed as of 2019; policy holders are no longer liable for a tax penalty. Further adding to the benefits of short term health insurance and their financial protection attributes, policy holders are now safe from paying more taxes. Finally, coverage approval is fast. Coverage can begin as early as the next day after applying; and carriers can provide locked premium rates for the coverage duration period.

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