Short Term Medical Insurance - For Those in Transition

2007-03-08 10:33:40

( Insurance )



If you are temporarily without health insurance for some reason, you may want to consider purchasing a short term medical insurance plan. It is a type of medical insurance for students, new graduates, unemployed, part-time or contractual employees, and others who are waiting to get jobs that would have normally qualifed them for regular medical coverage.

Short term medical insurance is also ideal for those who have retired but are still under age 65 and therefore need temporary medical coverage until they can qualify for government-sponsored health care benefits.

Duration of Short Term Medical Coverage

As the name implies, this type of plan will provide coverage for a short term period ranging from one month to less than one year. Some companies allow you to extend up to a year or more.

You can pay the premiums on a month-to-month basis, or in one single payment. Some insurers even give discounts if you can pay the entire amount at once. Coverage commences about a day or so right after you have paid the first premium.

Costs of Coverage

Short term medical insurance plans cost much less than regular medical plans. If you're single, under age 30 and healthy, you will expect to pay less than a hundred dollars each month. This is much cheaper than enrolling in an individual medical plan or resuming your premiums under your ex-employer's COBRA benefit.

Under some plans, you will expect to pay deductibles on a per-case basis, after which the insurer will cover anywhere from 50-80% of your medical expenses.

Some insurers even allow you to refund a whole or part of your premium if you decide to discontinue the plan within one month, as long as you have never used it.

Services Covered by Short Term Medical Coverage

Due to its temporary nature and very low price, a short term medical insurance plan also has very limited coverage. While it allows you to use any doctor just like an indemnity plan, the plan covers services related only to illness or injury that were incurred during the insured period. These services include emergency room, surgery, hospitalization, out-patient consultations and treatment procedures.

In addition, you must not have any medical condition which had existed within a three year prior to your enrollment in the short term insurance coverage. All short term medical insurance providers strictly follow this limitation.

Short term medical plans also do not cover preventive care services such as physical examinations and vaccinations.

And unfortunately, some insurers will refuse to renew or extend coverage if you have filed any claim under your previous plan.

Some Valuable Tips

By all means, shop around for the best medical insurance quotes. Make sure that you are dealing with reputable companies and do some research by consulting online sources, friends and other reliable sources.

Be very honest with the information that you will provide them, as insurers are very keen on finding out about any pre-existing conditions or anything adverse in your records.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.