Purchasing any health insurance policy is a major life decision and requires much care and thought. iHealthCoalition.org believes anyone looking for a health insurance policy of any kind should examine the quotes of no less than three companies offering policies; short term health insurance policies are no exception to this rule.
A short term health insurance policy, also known as temporary health insurance is a type of health insurance policy purchased for a very short period usually for no less than six months and no more than 12. These short-term health insurance policies are usually fee for service plans and typically, are not renewable at the end of the policy term. Additionally, they should not be considered a replacement for regular health insurance.
When searching for short-term coverage, an individual has multiple coverage types and benefits to choose from and many are the same as a regular health insurance policy. For example, emergency room visits, ICU or Intensive care unit needs, various diagnostic tests including x-rays and lab tests as well as ambulance needs and some hospital costs are all covered.
Short-term health insurance does not cover any regular visits to the doctor, dental or vision needs, though, so be prepared. In addition, these plans can cover a spouse or children and other dependents in some cases. Every plan’s specific coverage and other benefits are different, so make sure all the facts are known about the plan considered before making a purchased.
Because this is a short-term health insurance policy, the cost reduction is measurable and the consumer will rarely pay more than $100 for coverage per month and much less in most cases. In fact, some short-term policies cost as little as $25 a month, depending on the amount of coverage the consumer opts to purchase.
Additionally, as with any health insurance policy purchased, there may be a required co-insurance payment as well as a deductible, which varies for each policy. However, the amount paid for a deductible can be as little as $250 for the life of the policy or the amount could run as much as $3,000 or more as well as coinsurance of about 20 to 50 percent.
When a consumer is looking to purchase a short-term health insurance policy, there are certain things he should look for. For example:
In addition to meeting these conditions, purchasers of short-term health insurance should also be comfortable with the insurance agent and feel that the agent is serving all of his needs. The agent should be licensed to sell health insurance in the purchaser’s state of residence; otherwise, any policy purchased may not be legal and not pay out when needed. Additionally, the insurance agent should offer more than one policy or benefit option, if it is legitimately available to the prospective buyer.