What Does Short Term Medical Insurance Cover?
Short term medical insurance provides coverage for a limited amount of time. You receive benefits after a short waiting period of up to 14 days. You are then covered for the length of time specified in your policy, which can be from several months up to one year.
Your policy will also indicate a maximum coverage amount. You will receive benefits until you exceed the policy’s specified time limit or maximum coverage amount, or until you recover. Short term medical insurance policies pay out benefits for reasons such as the following:
- A lengthy illness
- A disabling injury
- The birth of a child
The benefits of short term medical insurance
Short Term medical insurance offers you just the kind of flexible, fast coverage you need for those dynamic times of change in your life. With Short Term Medical plans you can:
- Get covered fast, as soon as the day after application
- Pick your deductible amount from several options
- Drop coverage with no penalty and receive a refund on unused premium if a more permanent health insurance option comes along
- Access an extensive network of health care professionals, with 1 million physicians and other health care professionals and approximately 6,000 hospitals and other facilities
- Get generally lower premiums than with ACA health insurance plans
Keep these short term insurance reminders in your long-term memory
With Short Term medical insurance you are not buying an ACA health plan. That means you need to keep a few things in mind as you plan your coverage needs:
- ACA health plans are guaranteed issue, meaning you cannot be denied coverage based on preexisting conditions
- Short Term insurance plans are not guaranteed issue, do not cover preexisting conditions, and you must answer a series of medical questions to apply for coverage
- ACA health plans are required to cover 10 essential health benefits, including maternity and newborn care, mental health and substance abuse disorder services
- Short Term insurance plans do not have coverage requirements, so plans vary in what they cover. Check your plan details carefully
So, it’s true that you may save money by choosing Short Term medical insurance. Just be sure you know what you are buying, and that it’s a good choice for you. For the right situation, Short Term insurance plans can definitely provide fast, flexible, temporary health insurance coverage that fits your needs.