Medical costs are outrageously high, and being without health insurance can be scary. Even if you’re only going to be without coverage for a few months, for example, if you’re changing employers, you’re probably well aware of the risks associated with not having health insurance.
Fortunately, there’s a better option than dutifully taking your daily multivitamin and hoping that nothing catastrophic happens while you’re waiting for your insurance to kick in. Short term insurance is a special policy designed to provide coverage during transition periods in your life.
Is Short Term Insurance a Good Option for Me?
As its name suggests, short term health insurance is not suitable for the long-term. While it’s generally easy to qualify for this type of coverage and premiums tend to be lower, short term insurance has its shortcomings. For example, the benefits generally won’t cover pre-existing conditions, some plans may, but generally they will not. Also prescription coverage may not be what you think it is, because short term plans are designed to not cover pre-existing conditions. You can also be turned away depending on your health history, and maternity coverage is usually excluded.
This type of coverage is ideal for those who are in certain situations. Short term coverage may be for you if you’re:
♦ Needing coverage until Medicare benefits begin
♦ Changing jobs and need coverage until your new health insurance kicks in
♦ Turning 26 and can no longer be on your parents’ insurance
♦ You are unable to apply for ACA coverage because you’ve missed the Open Enrollment period and you don’t qualify for Special Enrollment (although in Nevada you can enroll year round with a 90+ day wait).
If you’re facing situations like these, then short-term insurance may be right for you. It can bridge that gap in coverage until you are able to choose a solution more suitable for the long-term.