One byproduct of the terrible job losses seen throughout the United States during the current economic downturn has been the increased need for short term health insurance. Being without health insurance is simply not an option for most Americans, particularly those with families, so short term insurance can provide a more affordable way to meet those needs.
Temporary insurance is not only for people who have recently lost their jobs, but also for those who have recently switched jobs and are waiting to complete their probationary periods. Many employers still have 30-90 day periods under which new hires are not covered by insurance. In these circumstances, short term insurance provides a valuable safeguard against illness and injuries.
Before purchasing short term coverage, you should be aware that it's by no means a comprehensive plan. Preventative measures like general wellness visits are not covered in short term medical insurance policies. Instead, you'll find that only injuries and illnesses are covered.
Furthermore, you will not be able to have doctor's visits and care related to pre-existing conditions covered. It's important to understand this when applying for short term coverage so that you'll correctly and honestly respond to the questions found on the policy application. Pay careful attention to the policy's restrictions as you review the plan's terms.
Items that can be customized to suit your needs on temporary insurance plans are the overall length and the deductible. Short term plans may be purchased for 1-6 months, or could even be extended to 12 months, based on need. Discuss adjusting the length and deductible with your plan representative at the time of purchase.
People who have quit or been fired from their previous job may be eligible for COBRA coverage, and as such may never even consider short term medical coverage. However, they'd be wise to weigh the pros and cons of each, because while COBRA may seem convenient, there are some significant drawbacks to it.
COBRA allows a terminated employee to retain health insurance coverage through their former employer's provider for up to' months. COBRA coverage can be applied to your family members as well. While this seems like a great benefit, it's an expensive, one, with the user often having to pay 100% of premiums as well as administrative fees. The nonprofit group Families USA reports that COBRA costs can consume up to 84% of average monthly unemployment wages.
That?s a perfect example of an instance in which short term insurance makes more fiscal sense. You can decide if short term medical insurance is your family's best option by searching for more information online or consulting your current insurance representative. After reviewing your specific situation and what corresponding levels of coverage you require, the right plan can be found for you.
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