Short-term medical insurance is a special product with valuable benefits that the insurance companies have created to offer valuable protection to consumers. The option of short-term medical insurance means that a person can obtain temporary health insurance to meet their temporary needs. There are certain aspects of short-term medical insurance that can make it attractive to consumers such as reasonable cost, relatively simple application, and availability.
This product is specifically geared towards responsible individuals who are expecting group or permanent coverage through another venue in the future, but want to maintain some health insurance until the long-term solution is available. For example, short-term medical insurance may be a perfect option for someone between jobs. The individual may have had insurance from a prior employer, and expect coverage from a new employer. That gap between employers can also mean a gap in coverage, extremely expensive COBRA premiums, or it can mean it is time for that person to consider short-term medical insurance. The choice is ultimately up to the consumer, but it is wise for the individual to research all options.
Oftentimes, as the consumer researches the options, they decide to consider short-term medical insurance. The individual will have to make some decisions, such as the term, which is how long they want the short-term medical insurance. It is common for these insurance plans to be written for 30, 60, 90, or more days. They also need to make other decisions such as what benefits they want to have, and out-of-pocket expenses they are comfortable with. The individual may need to apply for the coverage, and become familiar with limitations or exclusions to the short-term medical policy. This is best done through the advice and guidance of their insurance agent.
Another area where an insurance agent can help is regarding something called “pre-existing conditions”. In insurance, every company has their own rules regarding covering an injury or illness that existed prior to the beginning of their policy with the client (“pre-existing condition”). Short-term medical insurance can also be important to avoid limited coverage in the future as a result of these “pre-existing conditions”. For example, if a person had high blood pressure, and then had no coverage for a while, it is very likely that the new company would not insure any medications, doctor’s visits, or bills relating to high blood pressure. However, if that same person had continuous coverage, and did not allow a gap between insurance policies, the new company may not exclude the condition. This is a tricky part of insurance, so ask an insurance professional if you have questions or concerns regarding pre-existing conditions.
Here are a few other reminders: regardless of the source, medical insurance is something we often take for granted until we need it. We never know when we will need it, but once we experience an injury or illness and we see the value in this protection. The thing about insurance is we know how much the insurance policy will cost. That is something people and can plan and budget for. Without insurance, there is a limitless exposure to medical bills for the endless injuries or illnesses that can occur unexpectedly. That means without insurance, an unexpected injury or illness can cause debt to doctors or hospitals that results in bills and problems that will linger for a very long time. It may seem tempting to go without coverage for a while, but remember, it is often easier to plan for a pre-determined premium of medical insurance than to risk a catastrophic financial situation without it. When talking to that insurance professional, remember to ask about short-term medical insurance because it might be the perfect option depending on your situation.