Health & Fitness

When Do You Need Short-Term Health Insurance

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According to the Affordable Care Act, or colloquially known s “Obamacare”, everyone is now required to have health insurance. It’s easy to get health insurance if you are a working adult who is able to pay for your necessities, but it’s not all the time that the universe agrees with you. Sometimes, there are issues that will make it difficult for you to get what you need, even health insurance. This is why there is short-term health insurance.

Also known as gap plans or temporary plans, short-term health insurance will cover you for the period of one to twelve (12) months. It is meant to cover those who are not eligible for regular health insurance plans for the time being such as when you’re getting married or transitioning to a new job.

This kind of health coverage is a much better alternative to going without insurance and paying a lot of money for medical treatments that you may need for the period that you don’t have coverage. Besides, without health insurance you’re liable to pay a tax penalty, which could easily cost close to a thousand dollars per person per year.

What it covers

Short-term health insurance does not cover pre-existing health conditions. Moreover, even though this type of insurance is a good alternative, it does not guarantee that you’ll be given coverage by the insurance company you apply to. Some insurance policies say that you cannot be approved for a temporary plan if you are pregnant, have diabetes, or have cancer. It is also renewable for limited number of times only. As good as it may sound, short term insurance is only temporary, and should not be seen as a loophole or a scapegoat from getting a regular health plan.

Where to get it

You can get short-term health insurance plans online through brokers. You can also ask help from reputable insurance companies. It’s highly recommended that you look around and compare prices and policies so you get the best set of specifications for your situation. Depending on the state that you live in, you may have a lot of options available for you…or you may only have a few.

How much it costs

Short-term health insurance may sound like it’s so much cheaper than regular health insurance, but it may actually cost you more especially if you are paying for multiple surgical procedures and long-term health treatments. Keep in mind that you have limited coverage and there’s a cap on how often you can renew, so using temporary plans on long-term treatments for serious illnesses like cancer and diabetes may easily burn a hole through your pocket.

Remember that short-term health insurance is just a temporary alternative, and something to tide you over if for some reason you are not eligible or unable to get a health insurance plan.

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