Short Term Health Insurance
Whether you're between jobs or are waiting for a new policy to kick in, short term health insurance is the best way to maintain health coverage when there is a gap. Who Needs Short Term Health Insurance?
Short term health insurance is designed to see the policyholder through a brief gap in standard health coverage. They're generally available for between one and twelve months and they offer many of the same benefits that standard plans do, with a few key differences. Because temporary health insurance policies are generally non-renewable (you have to re-apply to extend coverage) they are appropriate only for people in between coverages, and should not be purchased in place of regular coverage.
But if you're between jobs, on strike, recently graduated, or simply waiting on a new health plan to take effect, short term health insurance can provide you and your family with some much-needed security.
The Coverage Short Term Health Insurance
The typical temporary health insurance policy covers most of the same services as a permanent policy does, with some differences. Because most short term health insurance policies are fee-for-service (indemnity) plans, preventative and routine care (like check-ups) won't be covered, nor will most policies cover dental or optical care. And most temporary health insurance is very strict about denying coverage for pre-existing conditions.
Services traditionally covered by short term health insurance include emergency medicine, prescription drugs, intensive care, lab and x-ray, ambulance, and some home and hospital care. (Specific policies may vary.)
Most temporary health insurance policies can be adapted to extend coverage to a spouse and dependents.
The Cost of Temporary Health Insurance
Temporary health insurance is a very affordable policy. The monthly premium on a standard short term health insurance policy is almost always under $100, and may be as low as $25. However, much of this variation in cost is due to the deductible on the policy which can run as little as $250, and as high as $2,500. Most temporary health insurance policies also require co-insurance of 20-50%. (This is the percentage of costs you pay for most treatments.)
A good temporary health insurance policy will carry a fair maximum pay-out ($2 million is good), and a reasonable ceiling on your out-of-pockets expenses.
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