Five Important Things You Need to Know About Short-Term Health Insurance

November 14, 2018

You’ve probably heard about short-term health insurance, whose purpose is to fill the gaps between regular health insurance coverage.

For example, maybe you’re a recent college graduate, you’re between jobs or you’re retiring early.

Each of these situations could be a time when you would need short-term health insurance.

Let’s take a look at what these plans cover.

1. What is short-term health insurance?

Of course, plans will vary widely according to the carrier, and there are differences in what’s covered.

Generally, a short-term plan will cover the services and treatments that are a result of unexpected illness or injury.

For example, doctor visits, emergency room visits, surgeries, hospital stays and related labs and x-rays.

While short-term health insurance may include coverage for prescription drugs, you’ll probably pay more for the additional benefit.

2. When do you need short-term coverage?

Here’s a closer look at the life circumstances that necessitate this kind of coverage.

  • You can’t afford Obamacare.
  • You retired early and can’t yet enroll in Medicare.
  • You’re too old for your parents’ health insurance plan.
  • You need a gap-filler between plans.
  • You’re a student or recent graduate.
  • You missed the Open Enrollment period for ACA coverage.
  • Your doctor doesn’t accept your current plan.

3. What are the benefits?

There are several important advantages to this type of health insurance.

  • They have lower premiums, making them more affordable.
  • They’re flexible. You can still receive care from your doctor.
  • There’s no Annual Open Enrollment deadline and you can get coverage any time of year.
  • The new rules allow you to be covered for up to 364 days, with the option to renew for a total of 36 months.
  • You can usually get approval quickly and your coverage can begin as early as the next day.

4. How do you use the short-term plan?

If your plan doesn’t have a provider network, you can see any doctor you want.

You may be required to pay for your medical services upfront or set up a deferment until you can submit your bills to the provider for reimbursement.

If your plan does have a provider network, you’ll save money by using doctors and hospitals that are in the network.

Your benefit levels may even vary between non-network and network providers.

5. Is it a viable alternative?

ACA coverage isn’t a one-size-fits-all solution. Sometimes you need something else.

The bottom line is that life is unpredictable.

You don’t always see a job loss coming. Circumstances often change quickly and you can end up feeling overwhelmed.

Sometimes you need a safety net and that’s what short-term health insurance provides.

An independent insurance provider has the knowledge and skill to answer your questions.

Getting expert advice

A wise move is to talk to a specialist at UROne who knows the ins and outs of short-term health insurance and who can guide you to the choices and plans that are just right for your unique set of circumstances.

What life circumstances are you experiencing and that may warrant checking into short-term health insurance?

Speak with One of Our Advisors