Short Term Health Insurance

Short Term Health Insurance plans do not meet the minimum essential coverage requirements under the Affordable Care Act (ACA), also known as Obamacare, and may result in a tax penalty. They are designed solely to provide temporary health care insurance during unexpected coverage gaps.

About Short Term Insurance

Short-term health insurance is intended for the short term only. Your coverage will end when the term you selected is finished, though you maybe able to apply for an additional term of coverage after your first term is complete.

How it works

Short-term health insurance is primarily intended to provide you with valuable protection against out-of-pocket costs in case of unexpected injury or hospitalization. Short-term plans may not cover prescription drugs and typically do not cover maternity care or care for pre-existing medical conditions. Short-term plans typically place a dollar limit on how much the insurer will pay for covered medical services while you’re enrolled.

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When can I enroll for short term health

During Obamacare open enrollment periods, anyone can sign up for traditional major medical insurance. However, outside open enrollment periods, you must experience a “qualifying life event,” such as marriage, the birth of a child, loss of employer-based coverage, etc. before you can enroll in major medical coverage. If you need health insurance now, but haven’t experienced a qualifying life event, short-term health insurance is a good option.

QUESTIONS ASKED


What do you get for paying monthly premiums?

Negotiated Rates: Some short-term plans (but not all) utilize health insurance
networks of covered doctors and hospitals. When you visit an in-network medical
care provider you benefit from discounted rates for the care you receive.

Out-of-pocket Maximum: Depending on the kind of care you receive, and on your
plan, you may need to make a copayment or pay for certain services out-of-pocket
(toward your deductible of coinsurance, for example). Your plan’s out-of-pocket
maximum is the most you could potentially have to pay toward covered medical
services before the insurer pays in full for all the covered medical care you receive,
up to the coverage maximum.

Coverage Maximum: Most short-term health insurance plans put a limit on the total
amount of coverage they will provide. Your plan’s coverage maximum is the upper
limit of your coverage for qualifying medical services

What benefits are provided to you by your short-term plan?

Doctor Office Visits: Sick visits to your doctor are typically covered by short-term
plans, though a copayment or an annual deductible may apply. Some plans may
limit the number of visits covered or exclude certain types of doctor visits.

Emergency Care Benefits: If you receive emergency care, but are not admitted
to the hospital, some plans will pay a set dollar amount for different types of
emergency care, like visits to the ER or trips in an ambulance. Some plans have
co-payments for these types of care, or may only pay a percentage of the cost.

Hospitalization: Though cost-sharing may apply, short-term plans are primarily
designed to provide you with coverage in case of a serious accident or
unexpected injury. Coverage for hospitalization may vary by plan and may be
capped at a specific dollar amount. Cost-sharing (copayments, deductibles,
and coinsurance)
will vary by plan.

What forms of cost sharing to short-term plans involve?

Copayments: Some covered medical services may require you to make a
copayment, which is a set dollar amount you contribute toward the total bill.

Deductibles: Almost all short-term plans involve annual deductibles. Your annual
deductible is a set dollar amount that you must first contribute towards covered
medical care before the insurance company begins to pay for certain covered
medical services.

Coinsurance: Some short-term plans involve another form of cost sharing known as
coinsurance. When you pay coinsurance, you’re typically paying a certain percentage
of the cost for a covered medical procedure, while the insurer pays the rest

How do I use my Short Term Health Plan?

If your plan has a provider network, any doctor in the plan’s network should accept your card. Contact the insurer or your licensed agent if you have a problem. If your plan does not have a provider network, you should be able to see almost any doctor you like. However, you’ll typically need to submit your medical bills to the health insurance company for reimbursement. In this case, you may need to set up a payment plan or defer payment with the doctor until your claim is reimbursed.

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