Is Short Term Health Insurance Right for You?
According to the Bureau of Labor Statistics, the unemployment rate fell by 0.
4 percentage point to 9.
4 percent.
That means that almost one out of every ten workers is still unemployed or underemployed.
For most, lack of employment also means lack of health care coverage.
The American Cancer Society offers a great resource as you research COBRA and decide if it is right for your family.
Unfortunately, for some (including self-employed individuals or people who have been out of work for more than three years) COBRA is not an option for their health insurance needs, and for others, the cost can be prohibitive.
Here are a few frequently asked questions regarding short term health insurance.
What is short term health insurance and what does it cover? Short term health insurance coverage includes doctor and hospital visits, surgery costs and other expenses for sickness or injury.
They are frequently very flexible, allowing you to visit the doctor or hospital of your choice, but most do not cover pre existing conditions, preventative care, or maternity costs.
It is designed to cover the "in between" times and protect you against accidents or unexpected illnesses, rather that offering a comprehensive insurance alternative.
Who should get short term health insurance? As the term indicates, this type of health insurance is intended for limited periods of time, often six to twelve months.
If you think you will need longer coverage, you may opt for a more standard insurance plan.
Recent graduates, people who are unemployed or self employed, retirees who are younger than 65, and people who are traveling abroad for an extended period of time are all examples of people who might be interested in purchasing a short term insurance plan.
What should I look for when shopping for short term health insurance? Of course you want to compare prices when looking for insurance, but remember that you always get what you pay for! Often the cheaper policies offer less coverage, so be careful that you are comparing apples-to-apples.
You'll want to make sure that your short term insurance plan covers things like emergency transportation, inpatient and outpatient hospital services, surgery and transplant expenses, prescription drugs, and home care.
Carefully read through your plan's limitations and exclusions so that you are not taken by surprise in the event of an emergency.
Frequent exclusions include pre existing conditions, preventative care, dental or vision treatment, pregnancies, cosmetic treatment, or expenses incurred outside of the country.
Life is full of unexpected events, but you can prepare for such contingencies and potentially save yourself and your family hundreds of thousands of dollars in medical fees by purchasing short term insurance while you are looking for work.
A little research online and requesting quotes from a few of the best health insurance providers could offer you options you did not even realize you had.
Invest in your own peace of mind.
4 percentage point to 9.
4 percent.
That means that almost one out of every ten workers is still unemployed or underemployed.
For most, lack of employment also means lack of health care coverage.
The American Cancer Society offers a great resource as you research COBRA and decide if it is right for your family.
Unfortunately, for some (including self-employed individuals or people who have been out of work for more than three years) COBRA is not an option for their health insurance needs, and for others, the cost can be prohibitive.
Here are a few frequently asked questions regarding short term health insurance.
What is short term health insurance and what does it cover? Short term health insurance coverage includes doctor and hospital visits, surgery costs and other expenses for sickness or injury.
They are frequently very flexible, allowing you to visit the doctor or hospital of your choice, but most do not cover pre existing conditions, preventative care, or maternity costs.
It is designed to cover the "in between" times and protect you against accidents or unexpected illnesses, rather that offering a comprehensive insurance alternative.
Who should get short term health insurance? As the term indicates, this type of health insurance is intended for limited periods of time, often six to twelve months.
If you think you will need longer coverage, you may opt for a more standard insurance plan.
Recent graduates, people who are unemployed or self employed, retirees who are younger than 65, and people who are traveling abroad for an extended period of time are all examples of people who might be interested in purchasing a short term insurance plan.
What should I look for when shopping for short term health insurance? Of course you want to compare prices when looking for insurance, but remember that you always get what you pay for! Often the cheaper policies offer less coverage, so be careful that you are comparing apples-to-apples.
You'll want to make sure that your short term insurance plan covers things like emergency transportation, inpatient and outpatient hospital services, surgery and transplant expenses, prescription drugs, and home care.
Carefully read through your plan's limitations and exclusions so that you are not taken by surprise in the event of an emergency.
Frequent exclusions include pre existing conditions, preventative care, dental or vision treatment, pregnancies, cosmetic treatment, or expenses incurred outside of the country.
Life is full of unexpected events, but you can prepare for such contingencies and potentially save yourself and your family hundreds of thousands of dollars in medical fees by purchasing short term insurance while you are looking for work.
A little research online and requesting quotes from a few of the best health insurance providers could offer you options you did not even realize you had.
Invest in your own peace of mind.
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