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Situations In Life That Calls For Short Term Health Insurance
During times of transition, when there are gaps in the existing health insurance policy, it is short-term health insurance that comes to the rescue. A temporary coverage that helps right when you need it the most, STHP as it is also called, is the most sought after for transitioning times like:
When you are just out of college or opt out of your parent’s insurance policies, are in-between jobs or are waiting for benefits to begin at a new workplace, are just divorced and waiting to get a new independent health insurance policy, have applied for a full term Medicare insurance and are waiting for it to commence, have missed the Open Enrollment Period and do not have the eligibility for Special Enrollment and, when you are in good health and not 65 years old yet, then now is the right time to get short-term health insurance quotes.
Offering affordable low rates, STHP can be purchased for as many days as required, and payment is made monthly for three months, after which the coverage is non-renewable and is canceled automatically. Canceling the short term insurance before the end of its term without penalty is possible in the event that you find a better health insurance plan, and the best part is, you could receive a refund on the premium paid for the unused period. Short-term health insurance costs about $69 per month for individuals and around $160 for families. But remember, short-term health insurance quotes do not cover hidden costs like higher deductibles, large out-of-pocket fees, and high coinsurance rates. Like most other plans, STHP also has drawbacks. The benefit amounts are limited and pre-fixed, are excluded from subsidies, do not cover pre-existing conditions, and does not meet ACA standards.
Nevertheless, because life is unpredictable and can change in a second, it is better to not leave anything to chance. Short-term health insurance is available with on the spot approvals and is a lifesaver because while coverage is limited, it can start as early as the next day.
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