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Short-Term Health Insurance: Protection Always
Are you currently in between jobs or waiting for your employer health insurance to kick in? Perhaps you missed the open enrollment deadline for regular health insurance or maybe you just need some short-term coverage until you're eligible for Medicaid or Medicare. Whatever your situation may be, short-term health insurance could be just what you need to stay protected and avoid hefty medical bills. In this article, we'll cover the basics of short-term health insurance, including what it is, how long you can be covered, when to consider purchasing it, and how it differs from regular health insurance.
What is Short-Term Health Insurance?
Short-term health insurance, also known as temporary health insurance, provides coverage for a limited period. These plans are designed for people who need immediate coverage and are looking for a more affordable option than traditional health insurance. Short-term plans typically cover essential medical services, such as doctor visits, hospitalization, emergency care, and prescribed drugs. However, they may not include coverage for pre-existing conditions, preventive care, or mental health. In addition, short-term plans may have higher deductibles, co-payments, and out-of-pocket maximums than regular health insurance.
How Long Can I be Covered Under a Short-Term Health Insurance Plan?
Short-term health insurance plans vary in duration depending on your needs. In general, they can provide you with coverage for as little as 30 days or as long as 364 days. Some plans may allow you to renew your coverage for up to 36 months, but keep in mind that the Affordable Care Act (ACA) limits the total time you can be covered by a short-term plan to 36 months. After that, you'll need to find a new plan to maintain coverage.
When Should I Consider Purchasing Short-Term Health Insurance?
There are several instances when short-term health insurance may be a good fit for you. For example, if you're a recent college graduate who's searching for a job with benefits, purchasing a short-term plan can provide you with necessary coverage while you job hunt. If you're self-employed or a freelancer, short-term health insurance can give you peace of mind and protect your finances in case of an unexpected medical emergency. If you're waiting for your employer-sponsored health insurance to start or you missed the open enrollment period for regular health insurance, short-term coverage can bridge the gap until you're eligible for long-term benefits. However, it's important to keep in mind that short-term health insurance is not a substitute for long-term, comprehensive health insurance.
What is the Difference Between Regular Health Insurance and Short-Term Health Insurance?
The biggest difference between regular health insurance and short-term health insurance is the duration of coverage. Regular health insurance provides comprehensive coverage for a year or longer, while short-term plans usually provide coverage for a few months up to a year. Regular health insurance is generally more expensive than short-term health insurance because it offers a broader range of benefits, including preventive care, maternity care, mental health services, and coverage for pre-existing conditions. Furthermore, regular health insurance must comply with the ACA's ten essential health benefits, which include things like hospitalization, prescription drugs, and emergency services. Short-term health insurance, on the other hand, is not required to cover these essential health benefits, which means that it may not cover certain services that you may need.
