What Is Short Term Health Insurance?
Discover What Short Term Health Insurance Is And When You May Need It
Short term health insurance can provide temporary coverage for people who are between jobs, waiting for their new insurance to start, or need coverage for a short period of time. This type of insurance is also known as temporary health insurance.
Why Would I Need Short Term Health Insurance?
There are many reasons why you might need short term health insurance. For example:
- You’re between jobs and don’t have health insurance
- You’re waiting for your new insurance to start
- You’re in college and need coverage during the summer months
- You’re self-employed and need temporary coverage
- You’re a recent college graduate and are no longer covered under your parents’ insurance
How Does Short Term Health Insurance Work?
Short term health insurance works like any other type of health insurance. You pay a monthly premium, and in exchange, the insurance company provides coverage for certain medical expenses. These expenses might include doctor visits, hospital stays, prescription medications, and more.
However, there are some key differences between short term health insurance and other types of health insurance:
- Short term health insurance policies typically have a shorter coverage period than other types of insurance. They might provide coverage for a few months up to a year, but they cannot be renewed.
- Short term health insurance policies might have more limited coverage than other types of insurance. For example, they might not cover pre-existing conditions, or they might have lower coverage limits for certain types of medical expenses.
- Short term health insurance policies might not meet the minimum coverage requirements of the Affordable Care Act (ACA), which means you could still face a tax penalty for not having insurance.
What Should I Consider Before Buying Short Term Health Insurance?
Before you buy short term health insurance, there are a few things you should consider:
- How long do you need coverage? If you need coverage for more than a year, short term health insurance might not be the best option for you.
- What types of medical expenses do you expect to have? Make sure the policy you choose covers the types of medical expenses you’re likely to have.
- What are the coverage limits? Make sure you understand the coverage limits of the policy you’re considering.
- Does the policy cover pre-existing conditions? If you have a pre-existing condition, make sure the policy covers it.
- Will you face a tax penalty for not having insurance? If the policy you choose doesn’t meet the minimum coverage requirements of the ACA, you could still face a tax penalty for not having insurance.
Where Can I Buy Short Term Health Insurance?
You can buy short term health insurance from insurance companies or through online marketplaces. Be sure to compare policies from different companies and understand the coverage and limitations of each policy before making a decision. Reach out to us if we can be of assistance.
Final Thoughts
Short term health insurance can be a good option for people who need temporary coverage, but it’s important to understand the limitations of these policies before buying. Be sure to consider your needs and compare policies from different companies before deciding.
Speak With A Trusted Insurance Agent
Get in touch with us today for a personalized short term insurance quote or consultation – simply call, text, or send us a message.