Understanding Short Term Health Insurance
You've just graduated from college, are in-between jobs, or you are about to leave home for the first time. You are experiencing a change that could also mean changing your healthcare coverage.
One of the options to look into is Short Term Health. These plans are only temporary, but they work like traditional Fee-for-Service plans, giving you the freedom to see any doctor or specialist you would like to. The key with these plans is deciding if they are right for your current situation.
Short Term Health plans feature low payments but high deductibles (the amount you have to pay before your insurance covers your bills.) They are designed to act as low-cost safety nets instead of comprehensive day-to-day health plans.
Assurant invented the concept of short term health insurance back in the 1970's, and along with Unicare, and the Blues have become the largest player in the Illinois health insurance plan market. All the major players have online applications which make it easy to get immediate coverage.
The plans are simple, almost everyone qualifies, and acceptance from most companies is immediate. It seems to be the perfect for students graduating from school and taking off the summer before joining the work force.
Another item to note is most parents are unaware that their children lose coverage once they stop being fulltime students, this is a product which will fill that short term gap.
Cobra replacement is another use for this product. If you are in good health, and you are having a little down time between job opportunities, 1-6 months, programs like these will save you $100's of dollars per month in premiums compared to the Cobra offered by your employer. Please remember that they do not cover pre-existing conditions, so if you have ongoing chronic health plans Cobra despite the cost may be the best option for you.
How Much Will Short Term Health Cost?
The most appealing thing about a short term plan? The low premium, or payment. The average plan costs around $30.00 a month for a recent college grad in good health. You are also likely to have the option to pay on either a monthly basis or as a single payment.
How Much Time Will It Take to Get a Short Term Health Plan?
Unlike individual health plans, you'll be able to purchase a short term health plan that will be in force the next day.
What Will a Short-Term Plan Cover?
The treatment options available via short-term policies are reasonably comprehensive, especially considering the cost. You'll have access to everything from hospital and surgical care to emergency services, follow-up doctor's office visits, diagnostic tests, and even limited mental health coverage.
Short Term Health Plan Highlights:
Prescription Drug
Laboratory and X-ray
Ambulance Services
Intensive Care
What You Need to Be Aware of:
Like all health plans, there will be areas where a short term plan will fall short. For instance, you will have to pay for your own preventative care (immunizations, physical exams, etc.), there probably won't be any coverage for maternity care and the policy will almost certainly be non-renewable. Remember pre existing conditions are never covered!
If you have more questions be sure to give us a call at 800-391-7469.
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