Short Term Medical Insurance
In many situations, short term medical insurance could be very beneficial. If you are looking for medical insurance to provide assistance for various major medical expenses in a short period of time then this type of insurance would be optimal. Alternatively, if you will have a long term policy in a little while then you may want temporary medical insurance for the meantime. For instance, if you are receiving health care benefits from a future employer then you may want to attain short term medical insurance until then.
Anyone looking for temporary health coverage will need to know exactly what to expect from these types of plans. First off, you should know what qualifies as a short term insurance plan. Usually these plans will have a duration time of anywhere from a month to a year. The plans can be renewed if necessary but the maximum amount of renewal is three years. Additionally, knowing what is covered by these types of medical insurance plans will be very important so you know what exactly you are investing in.
What is Covered with a Short Term Medical Insurance Plan?
No medical expenses associated with pre-existing medical conditions will be covered under a short term medical insurance policy. Any medical issues that surface after the policy is paid for should be covered by the plan. The specifics of what is covered by a short term medical insurance policy will depend on the terms and conditions of the policy. You will have to read all the details of each plan specifically to find out which is optimal for you. There should be a short term policy that offers full coverage that will work for you but it may take a while to find the right one.
Advantages of Short Term Medical Insurance
You have the ability to receive medical insurance for short periods of time. You could even receive the coverage for as little as 24 hours before closing the policy. The cost of premiums is also considerably lower than they are for long term medical insurance policies. Additionally, you can apply for short term medical insurance online and become covered within as little as 24 hours.
If you frequently travel overseas or are waiting on future employment then the short term medical insurance plan would be extremely advantageous for you. It is a way to fill in the gap of time where you are not covered with a long term medical insurance policy. At the same time you are paying a low amount for monthly premiums and you receive an adequate amount of coverage to keep you properly insured.
Disadvantages of Short Term Medical Insurance
Depending on the length of the insurance plan, you may have a rather restricted amount of coverage. This should be the major concern that you will have when considering whether to invest in short term medical insurance or not. If you cannot get coverage for most medical expenses then the policy would not be very beneficial to you. Keep in mind that various medical expenses such as those for dental or optical care and check ups are not covered with a short term medical insurance plan.
A short term medical insurance policy will not offer guaranteed renewal once the policy is up. This will throw you a bit of a curve when it comes to deciding whether to invest in long term medical insurance or not. If you already have insurance planned out for the future then it should not be an issue though.
Short term medical insurance is extremely useful for anyone that needs to keep themselves insured for a short period of time before they receive long term medical coverage. There are various situations where short term insurance may be necessary so under many circumstances this may be a worthwhile investment. Ultimately, short term medical insurance is no replacement for long term medical insurance but it is still a decent temporary solution for medical coverage.