There are many different types of health insurance out there and finding the right one is always a matter of great difficulty. We do, however, have a very relevant question for you: what do you do if you find yourself without coverage and with no way to enroll until the next period. If that seems unacceptable to you, as it should, then it would be a good idea for you to find something to tide you over until you can get more solid coverage. This is exactly what short term health insurance is for and it is one of the best decisions that you can make for yourself.
What is Short Term Health Insurance?
Oftentimes, you will hear short term insurance referred to as term insurance or even temporary health insurance. The purpose is to help cover large gaps in your coverage in times of transition. This can happen when you’re changing jobs, or if you somehow manage to miss the enrollment deadline. Either way, short term insurance is there to help and while it might be a bare bones package, it can definitely help you to fill the gaps.
The Fastest and Most Flexible Plan you can Buy
These plans are extremely fast and they are extremely flexible to put it lightly. When it comes right down to it, your life can change significantly in an instant! Unlike normal insurance plans, you can sign up for this and get started quickly – right away in most cases. In addition to that because this is only short term coverage you will have the option to drop your plan without a penalty. Finally, you have the ability to choose among several deductible amounts to ensure that you get the coverage you need right when you need it. No waiting, no worrying, and no major commitment.
Plenty of Options
When you are signing up for short term insurance you want it to work quickly but you also need to make sure that it has exactly what you need. For example, you should make sure that the doctors within their network are going to be both acceptable and useful to you, which can be a bit of a tall order at times. UnitedHealthcare, for example, offers customers one of the largest networks in the United States. Without exaggeration, UnitedHealthcare has a network with access to nearly 10,00,000 different physicians and several other healthcare professionals.
In addition to that, they have about 6,000 hospitals along with other medical facilities. If you’re considering short term health insurance, then you’re probably in luck as there is a very distinct chance that your doctor is already part of the network. You likely won’t have to change anything at all! Before you switch to a short term plan, however, do make sure you’re taking a look at the doctors they provide in their network, because you don’t want to end up with an insurance policy that you can’t use.
Who Should Consider Getting Short Term Insurance Plans?
As you have probably guessed by now, short term health insurance plans are not necessarily the cream of the crop when it comes to coverage. You’re going to end up with high deductibles and ultimately it’s going to get problematic if there is a serious problem. That said, we’re going to discuss a few different circumstances in which you should definitely be considering this type of coverage.
Moving off Parent’s Insurance
While you are younger, you can rely on your parent’s insurance to keep you afloat but in most cases that will change when you turn twenty-one. At that point, you will need to make sure that you have your own insurance policy and that may mean going with a short term model until the next enrollment period.
While many jobs have benefits including insurance coverage, you will rather quickly find that some do not offer coverage after you have been terminated or you quit. In these cases, you’re going to need to make sure that you have coverage which isn’t always easy, especially if you stay between jobs for a while. That being said, it would be a good idea to have a look at short term coverage so that you have something in the interim.
Waiting for ACA Coverage to Begin
If you have just enrolled, you will not start your coverage until January of the following year and anything can happen during that short time period. Fortunately, short term insurance is inexpensive and it can help to fill the gap.
Just Starting a New Job
Even though you have started a new job that offers full benefits, you’re going to find that the benefits take a bit to kick in and once again, you don’t want to be without coverage, even for a little while.
You’re in Good Health
If you are under 65 and in good health then there is a strong chance that you may never actually need the coverage. Still, it would be a good idea to have at least SOME coverage and this is where the short term coverage can come into play.
Issues with the Tax Penalty
The biggest problem that you’ll run into with short term health insurance is that it does not meet the federal minimum insurance coverage. This can definitely be problematic as it might incur a fee at the end of the year, so do keep that in mind. Other than that, this type of coverage is great for anyone who needs a quick fix for a big problem.