Short-term health insurance refers to a temporary plan that lasts from a few months up to a full year with renewability options. While these plans do not replace longer-term ones, they do cover essential medical needs. In this article, we will discuss the benefits of short term health insurance, restrictions, disadvantages, qualification requirements, and more.
What are the benefits of short term health insurance?
The benefits of short term health insurance cover essential medical needs. They include, but are not limited to hospital care, doctor visits, emergency services, x-rays, ambulance, and treatments in case of an illness. These plans can be renewed once expired or canceled at any time without a penalty.
What are the disadvantages of short-term health insurance plans?
While short term health insurance benefits cover essential medical needs, they do not cover all conditions. Pre-existing conditions, maternity care, preventive care, and prescription drugs are not typically covered. If you are purchasing a short-term health insurance policy with one of these conditions; you might be denied enrollment, or at best, you may be able to purchase a plan with your condition being completely excluded from the coverage. These plans can be right for you, however they are not meant to replace their longer-term counterparts; as they are considered to be a temporary option.
Is short-term health insurance right for me?
Short-term health insurance may be a great option for you if you do not qualify for a more comprehensive type of coverage, are in between jobs and waiting for employer-sponsored protection or just looking for an insurance policy to be able to participate in a certain activity. However, if you are looking for more comprehensive coverage, a traditional longer term plan may be the better option.
What are the qualification requirements for short-term health insurance plans?
Short-term health insurance plans do not have complex requirements. If you are a citizen or a legal resident of the United States, you can purchase a plan and get covered immediately. We recommend you check your state laws and ask your insurance carrier if there are any restrictions in the state in which you reside.
What are the states that do not allow short-term health insurance?
California, Colorado, Hawaii, Massachusetts, New York, New Jersey, Rhode Island, Vermont, Connecticut, and New Mexico.
Is there an ACA non-compliance penalty for purchasing short-term health insurance?
Short-term health insurance policyholders do not have to pay a penalty, since these plans are no longer considered ACA non-compliant as of 2020.
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