• Short Term Health Insurance Blog

  • Tuesday, November 21, 2017

Short term health insurance is ideal if you are looking for health coverage for a short time. The HCC Life Short Term Medical plan from the HCC Life Insurance Company offers just such short term coverage. The plan offers a range of deductible, coinsurance, and maximum coverage amounts.

The HCC Life STM plan offers coverage for up to 6 to 12 months. However, some states do not offer coverage over 6 months. There are six deductible options that you can choose from: $250, $500, $1,000, $2,500, $5,000, and $7,500. For each family, you can choose a maximum of three deductibles.

The co-insurance amount is effective for the next $5,000 of eligible expenses. The co-insurance options available are 80% and 50% of eligible expenses. The maximum coverage options are $1 million and $2 million. The temporary insurance benefits are paid according to the co-insurance and deductibles chosen.

The HCC Life STM covers inpatient and outpatient charges. It also covers dressings, sutures, casts, diagnostics, local ambulance transport, pregnancy-related complications, and physical therapy prescribed in relation to a covered illness. The plan excludes pre-existing conditions, preventive and wellness visits, and dental and optical care.
Short term health insurance plans can be lifesavers in many situations. It is important that one does not remain uninsured for even a short period of time, because that is not just risky, it can even prove to be problematic when applying for a new health insurance plan.

One of the temporary insurance plans in the market today is the Assurant Short Term Medical plan, which offers coverage for all sudden illnesses. That simply means that pre-existing conditions and pregnancy are not covered.

The plan features three standard choices of deductibles: $500, $1,000 or $2,500. However, a plan holder can request a custom deductible range, and the request is often honored. The coinsurance amount after the first $10,000 of covered expenses is 80/20, which means that the insurance pays 80% of the costs, and the plan holder pays 20% of the costs.

The plan covers inpatient and outpatient care, emergency room care, ambulance services, surgery, prescription drugs, doctor visits for unexpected illnesses, and X-ray and lab charges. The plan also covers organ transplants for up to $100,000, including a maximum of $10,000 for donor expenses. The Assurant plan offers a barebones plan for a low cost.

When a student graduates, he/she typically is looking for ways to save money. Health insurance probably tops the list of options. However, taking stock of the various options available can help the recent graduate save money and be adequately covered. One of the best insurance options for the recent graduate is short term health insurance.

The best time to start looking for coverage is a couple of months before graduation. If left too close to graduation, exams and projects will take precedence over health insurance. If left until after graduation, the recent graduate is living without any form of insurance, always an undesirable thing.

It is also possible that the graduate will be pressured into buying the first plan he/she comes across, if the insurance is purchased after graduation, when uninsured. Some of the options that are currently available for recent graduates include purchasing long-term health insurance, purchasing short-term health insurance, getting back on the parents’ health insurance plan, and living uninsured.

While the Healthcare Reform Bill is yet to make inroads into this segment, the first and last options listed are to be avoided. Individual long-term health insurance that is not part of a group plan can be prohibitively expensive, and remaining uninsured is never a wise thing to do. It is best to check the costs and coverage of the parents’ health insurance plan, and compare it with short term health insurance. The latter often turns up trumps.

Short term health insurance benefits are often evaluated by the level of coinsurance and deductible that the plan features. Several plans, in order to make the plans more attractive and offer a wide variety of choice, have a range of deductibles to choose from.

The Secure 12X3 Short Term Medical plan is a temporary health insurance plan that offers a choice of four deductible amounts. However, the plan has an optional benefit that does not take into account the deductible or the coinsurance—the Supplemental Accident Benefit.

Under this benefit, a plan holder is reimbursed $500 of covered expenses for the treatment of an injury caused by an accident. The initial treatment for the injury must b received within 72 hours of the actual accident, and expenses can be claimed only for treatment received up to 90 days after the accident.

After the $500 that is covered, the rest of the expenses are subject to the deductible and co-insurance. This coverage, which must be purchased extra, offers a breather for those who suffer minor injuries as a result of an accident—say a minor fall resulting in a cut or a bruise that requires medical attention. It is also useful to ensure at least $500 coverage in case of an accident. Without this coverage, the burden of the entire expenses typically falls on the plan holder.

When you watch the series “The Apprentice” you wonder what health insurance plan, if any, the participants will have in the real world. And when each person gets the boot with the immortal words “You’re Fired!” you only hope that they have the sense to purchase appropriate short term health insurance.

However, it is not uncommon for employers to fire people on the spot. The typical notice period for an employee is two weeks, after which all benefits and salaries due are cut off. Two weeks can be a really short time to get adjusted to new realities, especially for someone who is older.

At this point, when COBRA coverage is offered by the company’s payroll department, it does seem like a lifesaver. There is usually no time to think of COBRA insurance alternatives, since there are a hundred other things to deal with.

However, if one is fired from his/her job, then it is best to take a step back and invest the time in figuring out insurance options. Very often, short term health insurance plans offer the best alternative to COBRA insurance. However, one of the important things to check is if the temporary insurance plan counts as creditable coverage for long-term health insurance coverage, which is a must in the future.

When choosing a short term health insurance plan, it is best to look for coverage with the thought that the plan will be required for more time than budgeted for. For example, if you are looking for a 3-month temporary insurance plan, think about the benefits you might need if you need insurance for five months or so.

This will help you determine the kind of coverage that you need, and also the plan that you choose. The Secure 12X3 short term medical plan is one such plan that provides coverage with limits for most medical treatments. The plan provides some coverage for scheduled regular doctor visits, which might be a good idea if you are looking for coverage for more than three months.

Other benefits included in the plan are outpatient and inpatient care for sudden medical conditions, ambulance services, organ transplants, mammography, pap smear and pap screens, and treatment for AIDS.

Remember that with the Secure 12X3 STM plan, each of these benefits has limits attached to it. The maximum benefit of the plan is $750,000 per insured person per coverage period. While the amount may seem like too much, medical bills, especially for sudden medical problems, can quickly add up.

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