Short Term Medical Insurance Overview

Written By: Ray Sondeo on November 14, 2009 No Comment

The global economic crisis has left more people than ever considering their short range insurance options. Not having insurance at all isn’t feasible foremost Americans, particularly those with children, but the premiums charged by COBRA can outweigh its convenience. Often times, these people find that short term health insurance offers an affordable way to keep limited coverage.

Temporary insurance is not only for people who have recently lost their jobs, but also for those who have recently switched jobs and are waiting to complete their probationary periods. Many employers still have 30-90 day periods under which new hires are not covered by insurance. In these circumstances, short term insurance provides a valuable safeguard against illness and injuries.

When obtaining short term coverage, you’ll want to be aware of its limitations. Preventative coverage and wellness checks are not covered under short term medical insurance. It’s simply designed to offer a support for sudden sicknesses and injuries.

Pre-existing conditions are also not covered. Keep this in mind as you apply for coverage, both so that you know what to expect going in and also so that you can answer the application honestly. Temporary insurance policies typically have a number of requirements and limiting factors, so you’ll want to pay very careful attention to all the accompanying terms and conditions.

Finding the right temporary insurance plan for you starts with determining how long you’ll need it. Most plans are available in one to six month increments, but some can be extended to twelve months, or even longer. Consult your plan representative for more details. Deductibles are also available at a variety of levels, so again you’ll want to consult your representative to find the coverage level that best suits your personal needs.

Often times, people who’ve recently left their jobs don’t consider short term medical coverage because they’re eligible for COBRA coverage. They may be missing an opportunity though, as COBRA has several drawbacks that may outweigh its convenience.

While COBRA’s ability to allow a former employee to keep their old coverage for a term of up to’ months is convenient, it comes at an expensive price. The user may have to pay 100% of premiums, not to mention administrative fees are often added on. A report from Families USA, a nonprofit group, has suggested that up to 84% of a family’s average unemployment benefits can be spent on COBRA premiums.

As such, you’d be advised to carefully decide whether COBRA or short term insurance makes the most sense for you. Read more about short term medical coverage online, or contact an insurance representative today to learn more details about the types of policies available. The right plan can easily be found based on a simple review of your needs.

Ray Sondeo often writes about short term insurance.

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