Short Term Health Insurance| Learn Everything About It.

published on 14 April 2021
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Every person has the right to live a long and safe life. Good health is essential to human well-being and contributes significantly to growth. Mental health is just as important as physical health when it comes to leading a healthy lifestyle. They are inextricably related and a change in one, whether positive or negative, has a significant effect on the other.

The value of good health in a person's life cannot be overstated as it allows you to experience life better. A healthy person who is free of any sickness or disease saves money that would have been spent on medication. In today's setting, Benjamin Franklin's axiom "an ounce of prevention is worth a pound of cure" is so very valid.

Why Health Insurance Is Important?

Our intensive lifestyles have resulted in diverse diseases like heart diseases, obesity, diabetes et al especially in young people etc. We are almost always at risk of contracting life-threatening diseases as a result of our sedentary lifestyle and the immense stress we face in general. The good thing however is that more people have become conscious about their health. Regardless of this, the human body is unpredictable and might fail you even if you incorporate healthy practices. Herein lies the value of health insurance: it ensures that you do not have to compromise on the care of yourself and your loved ones in the event of a medical emergency due to funds. If you have a great health insurance plan, you won't have to worry because the coverage provided will reduce your expenses significantly in these moments. A good health insurance plan grants risk coverage against all the expenses caused by any abrupt medical emergency.

But deciding on an adequate health care plan is a very complicated matter for many people. Most of the populace is not even aware of the various insurance plans offered and get caught up in jargons. The most common question a regular insurance seeker asks is what kind of health insurance plan should they obtain? Whether to pick a short term or a long term health insurance plan? The aim of this blog is to assist the insurance seekers to make an informed choice and opt for an insurance plan that will take care of the individual as well as complete family health needs.

A Complete Guide To Health Insurance Plans

To begin with, you should know that there are several types of health insurance plans offered these days by different companies. In general, there are long-term and short-term health insurance plans offered. So, before buying any health insurance plan for your family unit, you need to be aware of the variation between the two.

Know More About Short Term And Long Term Health Insurance Plan

The differences between long and short-term health insurance are noteworthy. Taking into account the differences will assist you in selecting a policy that is appropriate for your needs. The main distinction between the two types of insurance policies is the length of coverage as the name implies. A long-term health insurance plan can last anywhere from two to five years, while a short-term health insurance plan can only last up to one year. 

Exact Time To Buy Short Term Health Insurance Plan.

Short term health insurance, also known as a temporary health plan, offers medical coverage for a narrow period of time, usually no longer than 12 months. Once your set exposure ends, you are uninsured. As a result, this health insurance package is perfect for meeting your insurance requirements in the event of a temporary circumstance, such as a work shift, or whether you plan to port your health insurance plan. 

Short-term health insurance premiums are usually lower than long-term health insurance premiums, which is one of the main reasons why people choose it in the first place. The policies are far less expensive than most major medical insurance plans, and they shield you from expensive medical costs resulting from sudden emergencies just as much.

Short Term Health Insurance Coverage

The cost of short-term health insurance is determined by the package you choose. Most of the plans cover doctors’ appointments and emergency hospital visits. Its benefits are however not applicable to pre-existing conditions, mental health and maternity claims. So while it may have its pros, it may not meet all your health needs.

Who qualifies for short term health insurance?

Before offering short term health insurance, most of the companies ask you to fill out a health questionnaire in which you may need to reveal any pre-existing health conditions. One may get disqualified by the insurance companies in the following cases:

·         If you are already covered under another health insurance policy.

.         If you are pregnant.

·         If you have been diagnosed with diseases like HIV or AIDS.

Disclaimer: This is not an inclusive list of all reasons. It may vary from company to company. 

Is the family covered with short term insurance?

Yes, spouses and dependents are covered with short term insurance plans. However, all the family members will be subject to the same cycle of medical questions to decide if they qualify.

How do short term health insurance plans handle pre existing conditions?

As mentioned earlier, short term medical insurance normally does not cover preexisting medical conditions. It prohibits coverage for conditions that have been diagnosed or treated during the last 2 to 5 years. 

 Can short-term plans be extended to the long-term?

It essentially depends on the sort of plan you have chosen and the insurance company's clauses and guidelines. Some insurers may widen it to long-term, whilst some may not.

Is short term health insurance worth it?

Short term health insurance is a good option for individuals who are in good physical shape and do not call for regular health services. It is worth it for those who require emergency or instant coverage. 

Advantages of short term health insurance plan

  • A short-term health insurance policy will last anywhere from 30 days to a year, depending on your needs.
  • The premium rates are comparatively lower. The reason for this cost-effectiveness, though, is the limits offered in coverage. 
  • Short term insurance is likely to require a speedy application and is generally agreed quickly. 
  • The premium paid is exempted from tax which will help you save.
  •  It can be cancelled whenever you like without paying any penalties.

Disadvantages of short term health plan

  • Short term health insurance only covers your basic medical needs and emergencies. The benefits are not applicable to pre-existing diseases, mental health, preventive treatments and maternity claims.
  • Most providers have limited coverage, which varies from business to company.
  • There are no premium cost discounts available.

Conclusion

Health insurance is a shield that comes in handy during the rainy days of your life. So for that reason, deciding on the right insurance plan is a matter that requires much insight. Both long and short term insurance plans come in an array of packages. Make sure to go through all the details of your plan carefully and understand the limitations of the coverage offered. Know your genuine and potential medical needs before considering different policy plans. Because the information provided is just general advice, you should carefully check your plan's official paperwork to determine your plan's coverage and limitations. Consider all of your choices to make an informed decision.

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