Tag Archives: Term Health Insurance

Short-Term Health Insurance Can Cover Workers During Job Transitions

Short-Term Health Insurance Can Cover Workers During Job Transitions

Most employees that leave a job also leave their employer-sponsored medical coverage behind. This can be a chancy move, especially if you don’t have other insurance options readily available to you.

If you’ve already left your job, then you’ve most likely already found out that obtaining affordable health insurance isn’t the easiest task when you’re between jobs. COBRA is an option that gives you the right to keep your insurance from your previous employment, but the monthly premiums are usually extremely expensive and something that many simply can’t afford while unemployed.

Temporary insurance, which is a short-term form of health insurance, can be an affordable alternative to the high premiums associated with COBRA. It’s designed to provide a bridge between the gap of finding your next job and leaving your former employer-sponsored plan. Having such a policy can remove the chance of not being protected against unforeseen injury or sickness while you’re between jobs, but pre-existing conditions are usually excluded.

The premiums for short-term coverage policies are relatively much cheaper than those for COBRA, but the cost can still seem expensive for someone without a job. While finances may tempt you to put off insurance until you find another job, you should remember that financial security is the primary reason that individuals purchase short-term health insurance in the first place.

It only takes one unexpected hospital trip or admission to put someone without medical coverage hundreds to thousands of dollars in debt. For example, consider the financial repercussions if you suddenly develop appendicitis and need an emergency appendectomy when you don’t have medical insurance and the average cost of an appendectomy is between $11,000 and $18,000 dollars. Countless financial studies have cited medical bills as one of the leading causes of bankruptcy in America. Having short-term health coverage to carry you until your next job can help avoid the catastrophe of being responsible for the total cost of medical bills from being uninsured.

Aside from the value of financial protection, short-term insurance also helps to avoid having future health insurance claims rejected under Health Insurance Portability and Accountability Act (HIPPAA) laws. In other words, individuals that don’t have a break from credible insurance coverage exceeding 63 days are considered to have maintained a continuous coverage, which means that they won’t be subject to exclusions for pre-existing conditions. And, many approved short-term policies are included in the realm of credible coverage, even if they have exclusions for pre-existing conditions.

Depending on specific state requirements, short-term policies may run for a term of anywhere from 30-days to one year. As far as payment goes, most short-term health insurance plans offer two different options – paying through a monthly installment plan or in a single up-front payment that will cover a specific number of days. Generally, single payment plans are slightly cheaper than monthly payment plans.

Of course, temporary insurance is designed to be just that…a temporary solution to ease your health and financial concerns. It’s not designed to last longer than a year and should never be considered a long-term insurance solution. Once you’ve found another job, you should look into your new employer’s insurance offerings and determine when your new coverage would start if it’s elected.

Short-Term Health Insurance

Consider Short-Term Health Insurance

Consider Short-Term Health Insurance While Looking for a New Job

If you find yourself in between jobs, you have already discovered that finding affordable health insurance is no easy task. While COBRA provides you the right to continue your previous employer’s coverage, the monthly premiums can be downright unaffordable.

Many people find short-term health insurance, also called temporary insurance, to be an affordable alternative to COBRA. This coverage helps bridge the gap between having an employer-sponsored plan and waiting for your next job.

Leaving a job often means leaving group medical coverage behind, a risky move if you don’t have other insurance options. Short-term insurance policies help remove the gamble, but they typically only protect against unforeseen sickness or injury.  Pre-existing conditions are usually excluded.

Premiums for short-term coverage are usually much cheaper than the premiums paid for COBRA. However, the costs can still seem high for a person who just lost their job. It may be tempting to forgo insurance altogether, but financial security is the main reason people buy short-term health insurance in the first place.

Without coverage, an unexpected trip to the hospital could send a person deep into debt. In fact, several published studies cite medical bills as a leading cause of bankruptcy. Short-term health insurance is designed to cover these catastrophic events.

Beyond financial protection, temporary insurance can also help prevent future insurance claims from being rejected under HIPAA, or Health Insurance Portability and Accountability Act, laws.  If an individual maintains creditable insurance coverage without more than a 63-day break in coverage, they are considered to have maintained continuous coverage, and exclusions for pre-existing conditions would not apply.  This applies even if the short-term policy excluded coverage for those same pre-existing conditions.  Approved short-term insurance policies are considered creditable coverage.

The terms of short-term medical plans usually run from 30 days to a maximum of one year, depending on state requirements. Some policies are designed to provide coverage for a specific number of days with premiums paid upfront, while other policies offer flexible monthly payment plans.

Since temporary insurance is only designed to last a few months, policyholders still need to plan for a long-term solution. If you find a new job and enroll in your new employer’s group insurance plan, make sure to find out when the new coverage starts. While it’s not a long-term solution, people in transition should consider temporary insurance as an interim solution to ease financial and healthcare concerns.

Temporary Medical Health Insurance

For many people the task of discovering competitively priced temporary medical health insurance can be quite hard. No matter what the reason that you need affordable short- term medical insurance is there are lots of methods of achieve it. Whether you may need it because you are changing jobs, schools, retired, graduating, employed, unemployed, or moving you may be eligible to apply for short- term medical health insurance. What many people want to know is what precisely is short- term medical health insurance. One of the large benefits of short- term medical insurance is the low monthly premium that people have to pay. Short- term medical health insurance is one of the best insurance policies plans those of you that are on the move, with monthly premiums costing less than a small car payment. This sort of health insurance is directed mostly at healthy people, their families, or kids who do not need insurance policy for pre- existing conditions, these types of insurance policy polices can give people a fall back plan if something were to happen to them or a family member. Based on the plan that they pick the benefits can be perfect for them because many of these plans can provide families with up to$ 1. 5- 2 million bucks per person for severe personal harm and health problems.

Short term insurance coverage has grown at a rapid rate in the past couple of years with the quantity of people who find themselves uninsured being near 45 million. It has recently been made essential that those who find themselves uninsured must be insured in the next few years, which has made this type of insurance even more popular with such low insurance premium as well as adequate coverage as long as you are health in the 3 years prior to being covered by the plan. There are many different companies offering budget friendly short- term health insurance for you to pick from and also different plans within each company that you can look for.

One thing to be aware when you are going to look for comparatively cheap short term medical insurance plans is that these plans will not cover you for pre- existing conditions, this is why it is a “short- term” plan, and why the monthly premiums can be so low. If you don’t know what a preexisting condition is, it is any indications, or illnesses that you maybe have had 3 years prior to the start of your cost-efficient short term health insurance coverage, this is why it is very important that when you fill out the application to tell them everything has gone on, if you do have pre- existing conditions this is not the proper type of insurance coverage for you, and although the monthly payments are going to be low, it will not be able to help you if something from the previous months catches up with you and you need serious medical attention. If this were to happen it is seems that the short- term coverage that you may be receiving may be dropped.