Are you in between health plans and looking for temporary medical coverage? Short term health insurance comes in handy when you want to protect yourself and loved ones from medical problems and save money on medical bills.
Your medical bills will be covered in case of an emergency, but you must know how it works for you to get the most out of this plan. Here is a guide that will help you understand how quickly you can get covered with this medical plan and other caveats to consider before signing up.
What is short-term health insurance?
Short term health insurance is a coverage plan that lasts less than a year, but it’s helpful when you have not chosen a long term plan. It covers a wide range of doctor visits, urgent care, emergency care, preventive care, and prescriptions.
It will help if you read all the limitations and exclusions on the medical plan before purchasing a short-term health plan. This information will tell you if you are covered or not and help you budget.
How quickly can I get coverage with short term health insurance?
Short-term health insurance takes effects as fast as one day after your first payment, but that doesn’t mean you have to wait until you get hurt to apply. Even if you are healthy, it will help to use today, knowing you might need it tomorrow. It’s hard to predict when you will be sick, thus need to be prepared.
• Next day coverage
After applying for this plan today, your application details will be processed, and reliable and most short term insurers will start covering you as soon as the next day. This coverage is nearly too immediate and can help quell all your fears of being uninsured.
• Waiting periods
At times people take advantage of short-term health insurance; thus, insurance companies have imposed waiting periods. If you have an existing problem such as cancer, you might have to wait for more than a month for the policy to be effective.
You should apply sooner than later for it to be useful when you get sick. Waiting for a month is not ideal in any situation; therefore, it is recommendable that you apply early if you want a short-term coverage plan that takes one to twelve months.
• Preexisting conditions
After applying for your short term health insurance, then on the next day, you send the company a medical bill, they might question your condition. In such a case, they might request your medical records to confirm that your situation is new and one existing. In case you lied about an existing decision, they might deny you coverage. Before signing up a short term health insurance, give the right details, and be ready to share your health records. However, if your case is real and new, you will be covered immediately.
Special enrollment period
The time of purchase determines how long it will take for your insurance cover to be effective. You should know the steps to follow to avoid any confusion when you need your medical bills paid. It can be devastating when you send a medical invoice to a short term insurance company only to find it’s not practical.
During a nationwide enrollment period, you can enroll in a short term health insurance to buy a particular medical plan. If you lost your job, which in turn led to losing your employer-sponsored insurance, you are indeed qualified for a specific enrollment period.
During this period, you can choose to purchase an individual health plan and have peace of mind knowing you are covered. However, not paying your premium doesn’t give you the same opportunity. Such programs are open at a specific time of the year.
To qualify, you need to have a mid-year life change, such as having a newborn, marriage, or losing your job. If you have such cases, you can quickly sign up for these programs to be covered for a short time. This plan ensures that you are protected at all times, even after losing a long term coverage.
When do I need short term insurance cover?
• Living a healthy life
If you don’t have a regular prescription, this health plan is worth it, as it will help you when you have an emergency or immediate coverage. Almost everyone with such a condition needs this health insurance to keep you safe and cover numerous problems.
If you visit the doctor any day, you are guaranteed coverage, and you don’t have to wait until when sick to apply.
• Undergoing employment change
After losing your employer’s medical cover, you can get primary medical coverage in the form of a short-term insurance plan, which will help you in times of need.
As a student, you need short term insurance to cover you during your time at the instruction and have it whenever you need it. Also, when waiting for pre-Medicare, you can use this insurance plan in the meantime.
Almost everyone needs short term insurance cover after a significant turnaround in your life. This medical plan takes a short time to mature; therefore, you can rely on it to see a doctor or pick a prescription.