What is a Short Term Health Insurance Plan?
August 6, 2020

There are times in life where you may lose your health insurance for a short amount of time. Keep your peace of mind with a short term health insurance plan.

There are some situations where you can find yourself without a health insurance plan or policy. Turning 26 and transitioning out of your parent’s family policy, changing jobs, being out of insurance enrollment periods are a few examples. In these cases, you can buy a short term insurance plan. These plans are designed to cover basic health needs for short periods of time.

A short term insurance plan is offered mainly in the private market and can last from 30 days to 3 months. In some states, it can last for less than 12 months, and you can apply for it at any time of year.

It does not have the 10 minimum requirements of the Affordable Care Act (ACA), but it can help you get covered in certain situations, especially if you are in a place where you need to demonstrate you are insured for some activities.


What does Short Term Health Insurance Cover?

Your unique situation will determine if a short term insurance plan is right for you. However, this is a plan with lower premiums than regular policies, but with higher deductibles. This means you will pay more out of pocket for health services.

It has limited coverage, but you will be covered on preventive care, medical consultations, emergency care, and even some prescription drugs or treatments. Services such as maternity, dental or ophthalmologic consultations will not be covered and should be added to your out of pocket costs.

You won’t be fully covered with a short term insurance policy, but it has its benefits. Health insurance company Cigna, on its website, explains some benefits: you can cancel your plan before it expires without paying any penalties. Also, companies quickly approve these types of policies. You could make use of them the day after you make your request. You can also apply any time of year.


Benefits of a Short Term Insurance Policy

Another benefit can be that you pay low-cost premiums, however, this is just because deductibles are much higher than in regular policies. You will pay higher copayments and coinsurance until you reach your deductible. You must go to the specialists and centers of the company health network to save some money on the costs.

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