Is Short-Term Health Insurance a Smart Option?

Is Short-Term Health Insurance a Smart Option?

There are many life events that could leave you without health insurance for a period of time. You may be changing jobs, starting your own business, were laid off, or are going through a divorce and will soon lose access to your soon-to-be former spouse’s medical insurance. In any of these situations, you might want to consider short-term medical insurance to fill in any gaps in coverage, so you have access to medical care, and avoid out of pocket costs – in a medical emergency, these costs can be excessive. Learn more about short-term health insurance and find out if this could be a good option for you.

Why You Should Consider Purchasing Short-Term Health Insurance

Although going without health insurance for a few months may not be a concern, it could be a financial disaster should something go wrong. If you develop an illness or condition that requires hospitalization, surgery, or other medical intervention, you could face financial devastation. The costs associated with medical care can range into the hundreds of thousands in just a few short months.

Benefits of Short-Term Health Insurance

Here are some benefits to purchasing short-term health insurance, which you should consider:

Short-term health insurance typically has short approval times, which means your coverage will be almost instant. If you need your coverage to start at a later date, however, that can be arranged.
Short-term health insurance is meant to bridge gaps in medical coverage and will protect your financial health if you experience a medical emergency.
Short-term health insurance terms are generally flexible.
Short-term health insurance is reasonably affordable.

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That said, although short-term health insurance can provide many benefits and can offer the coverage you need during more challenging times, it is not a replacement for ongoing health insurance and should only be used as a temporary solution. Before purchasing short-term medical insurance, consider the following:

How long will you need coverage?
Are pre-existing conditions covered by the policy?
Is there a special enrollment period?

Additionally, you should also consider what is covered under a short-term health insurance policy. For example, most plans do not cover maternity care, mental health care, routine medical appointments, and preventative care.
These policies typically cover the following medical issues:

Prescription drugs
Doctor visits
Outpatient surgeries
Urgent care and emergency room visits/li>

When you understand all the medical care covered, it can guide your decision about which policy would work best for you.

If you need to fill the gaps in your medical coverage, you may want to look into your short-term health insurance options to ensure that even when a health emergency arises, you have access to the care you need without having to foot the entire bill. Our insurance agents will work with you to understand your needs and determine which policy will be suitable for you. Reach out to one of our local insurance agents who can help you find the best short-term health insurance policy, at the lowest rates, and any of your other insurance needs.