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Short Term Insurance

Short Term Insurance

Short-term health insurance sometimes called temporary or term health insurance helps fill in the gaps in your coverage, which helps keep you protected.

Short-term medical plans are not right for everyone since they provide fewer benefits than most traditional policies. However, in certain circumstances, these plans can be both beneficial and cost-effective.

They are also a great option if you are in a bind, and looking for same day health insurance options.

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When to consider temporary coverage?

Short-term plans are called temporary for a reason. They don’t provide the comprehensive health coverage you may be looking for, but can definitely come in handy. For example, many people turn to temporary health insurance between jobs and use it as a way to keep themselves, and their families protected in the event of a medical emergency. Here are popular situations in which you definitely want to consider a term health insurance plan:

  • You lost your job and your employer-sponsored health coverage.
  • You have enrolled in a health insurance plan but are currently in your waiting period, and your coverage hasn’t kicked in yet.
  • You missed out on signing up for health insurance through the marketplace during the Open Enrollment Period but haven’t had a qualifying life event.
  • You are looking to enroll in same day health insurance for yourself or your family.
  • If you are in good health, and other health insurance options are out of your price range.

As you can see from the above scenarios, most people turn to these options as a last resort. Unless any of the above situations apply to you, it may be a better idea to explore more traditional health insurance plans.

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PROs versus CONs of Short Term Health Insurance

  • You are covered: There’s no bigger advantage to any health plan that knowing that you are protected in the event of a medical emergency.
  • Short-term plans are generally more affordable: If you are struggling to find health insurance that fits your budget, term coverage can help.
  • You can get coverage fast: How fast? Some short-term health insurance plans let you sign up for coverage the same day, so you don’t have to worry about long waiting periods.
  • Rate stability: Most temporary health insurance plans will keep you locked in at the rate you sign up with.
  • You aren’t limited to Open Enrollment: Unlike marketplace plans, you can sign up throughout the year, and don’t have to wait until the marketplace opens.
  • No comprehensive coverage: Short-term health insurance plans aren’t designed to be your primary health insurance plan, so you may be missing out on some benefits like preventive care services.
  • Paying a tax penalty: Since short-term plans don’t count as qualified health coverage, you will be paying a tax penalty on top of your monthly premiums unless you qualify for an exemption.
  • No federal subsidies or premium tax credits: Temporary health insurance isn’t offered through the health insurance exchange, which is the only way you would be eligible for subsidized coverage.
  • You can’t renew your short-term plan: Once your plan expires, you will have to find new coverage.
  • No protection for pre-existing conditions: Unlike marketplace plans, you can be denied coverage for pre-existing conditions. Gap health insurance doesn’t play by the same rules as most other qualified health plans. So if you have a medical history, these plans can end up being a nightmare for you.

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