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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Tuesday, July 04, 2006

Short Term Health Insurance

More and more companies are popping up these days because the industry sector has more importance. With employees switching jobs and COBRA health insurance costs rising more people are looking to short term health insurance. Even at many jobs you have to wait a specific period of time before you are covered. So people need options.

Short-term health insurance plans gives the insured coverage for a limited period of time. Typically, short-term plans offer coverage up to six months and sometimes 12 months. If you will need health insurance for a longer period short term health insurance is probably not best for you.
  • The application process for short-term health insurance is usually simpler than your standard term health insurance.
  • Short term health insurance plans protect you against accidents or illnesses, rather than to provide comprehensive coverage.
  • Typically they do not include coverage for preventive care, physicals, immunizations, dental or vision care.
Purchasing a short-term medical insurance plan will make you ineligible for any guaranteed issue individual health plans commonly referred to as HIPAA Plans. So be aware before purchasing short term health insurance. Also know that short-term health insurance plans typically do not cover pre-existing medical conditions. Pre-existing conditions are usually considered any medical condition you have been treated for in the last 3-5 years. If you have an existing medical condition you will need to look into making sure that you will be covered. If this is the case then COBRA might be the answer.

Otherwise, if you need a stop-gap health insurance policy the short term health insurance are typically a good and inexpensive option.


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