• Short Term Health Insurance Blog

  • Monday, November 20, 2017

Sometimes, you are looking for temporary insurance for your entire family and other times, just for your dependents. Say you already have insurance through another source for yourself. Your spouse has single insurance too, through his/her employer, and is awaiting insurance benefits for the children.

You now need insurance for just your children. Obviously, you will not be able to purchase short term health insurance for your children as dependents. You will then need to look for plans just for your children.

The Short Term 12x3 Short Term Medical Plan offers coverage for children only, for kids above 2 years and below 18 years of age. This coverage will be similar to the coverage for adults, and separate rates apply. This is not the same as the coverage and rates applicable for dependent children under an adult’s plan.

If dependents, children under age 19 can be included in their parents’ or guardians’ plans itself. If a dependent is a full-time student (typically in college) the age limit is increased to 25 years. In general, the upper limit for coverage through the Secure 12x3 short term health insurance plan is 65 years.

Jack Morsen purchased short term health insurance from the Secure Saver plan after he was laid off work. The plan covers expenses related to sudden medical illnesses and injuries, including inpatient and outpatient care, doctor visits, surgery, medical diagnostics, and ambulance services. The plan also covers inpatient prescription drugs.

Jack fell ill with a high temperature and shivering, and was hospitalized for his condition. Thankfully, his Secure Saver plan covered the expenses of his treatment at the hospital. He was out of the hospital in a couple of days, and had scheduled a follow-up visit with the physician at the hospital.

The physician changed his medication a bit, in keeping with his recovery plan. When Jack tried to get his new medication from the pharmacy, he found that he had to pay full charge for the new medication. Thinking it was a clerical error on the part of the pharmacy, Jack submitted a reimbursement claim, which was denied.

The reason? The Secure Saver Short Term Health Insurance plan covers prescription medication for inpatient care, but the minute the patient is out of the hospital, subsequent prescription medication is not covered. As always, it pays to read the fine print of any document you sign, especially health insurance.

Many folks consider short term health insurance a good idea, but not really for them. It pays to pause and think about your needs if you are currently without a long-term insurance plan. Temporary insurance may just be the right type of insurance coverage for you.

Typically short term health insurance works for those who are looking for coverage for the short term, although plans are available for durations up to three years. The Assurant Short Term Medical Plan, for example, offers a range of benefits with various options for the deductible amount.

The Assurant Short Term Medical plan offers prescription drug benefits, doctor visits for unexpected illnesses and injuries, inpatient and outpatient hospital benefits, emergency room care and ambulance services. Costs such as those for outpatient and inpatient surgery and X-ray and other diagnostics are also covered.

In case you require an organ transplant as part of a covered condition, it is also covered, up to a maximum of $100,000. This amount also includes a $10,000 benefit toward donor expenses. The plan might be the best fit for you and your family, especially if you do not have any significant pre-existing conditions, which are excluded.

Short term health insurance is often seen as a viable COBRA insurance alternative. COBRA is usually more comprehensive in terms of benefits, but is also more expensive. However, the current economic scenario has made COBRA cheaper, with the help of COBRA insurance subsidy.

Many a time, people are confused about the relative costs of COBRA insurance vs. short term health insurance. Is COBRA really more expensive than short term health insurance? And what do these subsidies mean?

Basically, COBRA stands for Consolidated Omnibus Budget Reconciliation Act and seeks to ensure that those who lose their employment still have the option of continuing their current health cover. The U.S. Government passed an amendment, extended several times, of a 65% subsidy in COBRA premium. Currently, this subsidy is valid for those who lost their jobs through June 2.

Even with the subsidy, however, the average COBRA insurance plan will cost an individual around $400 a month. If the plan holder and his/her family are in good health, it is worthwhile to consider short term health insurance as a real alternative. It is best to take stock of several factors before making the decision, such as projected period that the insurance is needed for, chances of getting back on a long-term health insurance plan, and the affordability of COBRA.

The Assurant Short Term Health Insurance offers temporary insurance coverage for a short period. It is ideal for those in between jobs, those waiting for employer long term insurance to kick in, temporary employees who don’t have long-term insurance, and new graduates.

A person can choose to pay the single rate for a set number of days, if he/she knows how many exact number of days the short term health insurance is needed for. The monthly payment option is best if you are not sure how long the coverage will be needed.

The plan offers three deductible choices: $500, $1,000, and $2,500. The higher deductibles translate into lower premiums. For a $500 deductible, for example, a person 30-34 years old pays around $73 per month as premium. For a $2,500 deductible, the premium nearly halves to $40.

Rates for children to be added to the plan are as low as $15 per month for single rates. There is also a zip code factor that increases the premium payable for residents of certain areas. There is also a one-time application fee of $25. To be eligible, the applicant must be under 65 years old, and dependents, under 18 years old.

Let’s say you are not eligible for a long-term health insurance plan. That might be because of a variety of reasons—you have just graduated from college, you are in between jobs, or have just decided to take a break from your job. Purchasing private long-term health insurance can prove to be a tall order when you don’t have a dependable steady income. In this situation, even if COBRA insurance is offered, short term health insurance may prove a better option.

Temporary insurance, by its very definition, does not cover pre-existing conditions. It is meant for short periods (typically less than 18 months) and is not recommended as a replacement for long term health insurance. Short term medical plans do not cover routine preventive doctor visits either, something that is a must for maintaining good health.

If you are purchasing short term medical insurance, and expect the coverage to last for around six months, you might want to consider purchasing separate dental insurance as well. Also remember that because the temporary insurance does not cover preventive care, you will need to be extra cautious.

Temporary insurance usually covers inpatient and outpatient care, ambulance services, diagnostics and some prescriptions. It excludes, apart from pre-existing conditions, normal pregnancy, experimental medicine, alternative medicine, fertility treatment, eye and dental care, and mental health. Consider short term coverage if you need health insurance for a short period, with a small budget.

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