Short term health insurance is exactly what you think it might be. It’s health insurance coverage that lasts for less than 1 year. You can purchase plans from 1 to 12 months long, as ACA plans need to be set for a 1-year term. It was designed to bridge gaps within your health care coverage during a period of transition. Whether you recently had a change in employment and lost coverage, missed open enrollment, or just waiting for Medicare to kick-in, getting short term health insurance is a great solution. Many people are also opting for short term health insurance instead of a major medical plan due to cost savings. Most short-term health insurance plans are around $100 a month in premiums. Most save on average of about 50% in costs.
For the most part, everyone is eligible for short term health insurance however pre-existing health conditions won’t be covered. If you have a specific health condition that you seeked medical attention for, it won’t be covered with short term health insurance. Also, it’s important to remember that the deductibles for short term plans are very high. Most plans have a deductible of around $1000 - $5000, meaning you would have to pay this amount out of pocket each year before your insurance covers any medical costs. However, most plans will cover the routine visits, prescription drugs, and preventive care before you’ve met your deductible. Lastly, these short-term plans don’t have the same coverage as major medical plans. The type of coverage and/or benefits you get within the plans tend to be lower compared to major medical plans. If you happen to be someone who is pretty healthy and don’t foresee any big health risks in the near future, short term health insurance could be a good option. If the cost of a major medical plan is also out of range, having some type of insurance could be good even though it may not have the same coverage.
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