In my business, I receive requests for quotes just about daily and many times, people are in a transition and just want something for a few months. Short term medical insurance is just as the name implies – it is designed to be short term. How do you know if it would be a good option for you?
Here are several reasons that it can be a good option:
1. Individuals who are temporary out of work – If you are in between jobs, short term medical plans are a good answer.
2. Employees that are newly hired – If you have recently been hired by a new employer, chances are you may have to wait to become eligible for your company’s group health care plan. This can take up to six months. In order to avoid a lapse in coverage, short term health insurance can help to fill in that gap.
3. Recent college grads – Many grads are still looking for full time work with benefits or are working part time until something better comes along. College students benefit greatly from short term plans.
4. You’ve left a job and are eligible for COBRA, but the cost is making it difficult – A short term health plan can keep you insured at lower premiums until you find another job with benefits.
5. Early retirees – If you are thinking of retiring but are not yet eligible for Medicare, short term coverage can give you protection for the last few months before Medicare begins.
Short term medical insurance plans have several benefits and like every other insurance product offered at Balanced Care, education is always of utmost importance to us to share with you. Short term medical insurance will always be less expensive than that of a permanent health insurance policy. If you are in an accident, have a sudden illness, or are hospitalized, these policies would cover your treatment. Without a short term policy, the costs for a sudden trip to the hospital could leave you and your family with financial strain. Applying for these plans is easy with just three or four medical questions and you can be insured within the next day. Spouses and/or children are also eligible for these plans and prescription drug coverage is also available.
While there are benefits, they also have some disadvantages. Short term medical plans do not have to cover pre-existing conditions. They also do not cover yearly physicals, and last but not least, should you have to file a claim such as a heart attack or cancer, you may not be eligible when applying again. Normally, short term health insurance plans are good for up to eighteen months, however, you do have to reapply every six months.
If you are considering a short term plan, please call us and we would be happy to assist you in determining if it would be beneficial. Balanced Care always offers no obligation quotes and if you are comfortable, you can apply right through our website by clicking on the Get a Quote button.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.