Short Term Health Insurance
Is a Short Term Plan the Right Option for Me?
Short term plans are meant to bridge gaps in your medical coverage. They are especially beneficial during times of transition, like in between jobs, waiting for Medicare or start at a new job to get healthcare benefits, and losing coverage after a divorce. There are other situations where short term plans can be an ideal option.
If you find yourself lacking health care coverage, you may take a look at a short term health plan. It might just be the perfect security that you need so you can move to the next stage of your life.
Is It Possible to Cover my Entire family with this Plan?
Short term health insurance plans may cover spouses and children. However, all children will require to fill out the medical questions to know if they are eligible for this plan.
Can I Avoid Tax Penalties for Having a Short Term Health Plan?
As of January 31, 2019, the federal tax penalty is no longer effective. Still, it is not a minimum essential coverage as stated under the ACA. Thus, you must talk to your tax advisor to know more about whether or not you need to pay ACA tax penalties.
Do I Have to Wait for a Certain Enrollment Period to Buy a Short Term Plan?
There is no enrollment period for short term plans. It is available 365 days a year. You can apply at any time. This is what makes short term plans different from the Affordable Care Act (ACA) coverage that you need to purchase a plan during an open enrollment period.
How Soon to Get Coverage?
In many cases, you will get covered the next day after you applied. But not all plans will give you such fast approval. It all depends on where you purchase the plan from.
How These Short Term Medical Insurance Plans Take Care of PreExisting Conditions?
Short term plans do not cover preexisting medical conditions. However, a preexisting condition is defined will depend on the site where you live in. Generally, short term medical insurance plans will not include conditions that you have been treated or diagnosed in the last two to five years. Thus, if you have an existing health condition, you should extend your current policy.
Ways to Reduce Overall Costs of Short Term Plans?
There are options available to help you find the best short term plans for your situation. For instance, you may opt for a higher deductible. You will have to pay more before your plan starts paying. But you can reduce your monthly premium.
You may also pick a plan with fewer benefits. Just like the Affordable Care Act (ACA) health insurance, you can have different coverage levels. You can pick a plan that does not have a copay or a fee for visiting a doctor’s office. You may also choose a policy that includes prescription drug coverage.
It is also highly recommended to stay in-network. By picking a healthcare provider that is in the network of your healthcare provider will help you save money. The reason for this is that the provider has agreed to offer you quality care at a lower rate.
Is There a Tax Subsidy for this Plan?
It is not a minimum essential coverage as stated in the ACA. In that case, you cannot obtain federal tax subsidies to assist you in paying for the plan. Then again, the short term health insurance policies are cheaper than ACA health plans.
Can I Drop Coverage Even When the Term is Not Over?
If you no longer need the coverage of short term plans, you may drop it at any time. Plus, there are no penalties involved in canceling prematurely.
It is Possible to Keep Your Doctor?
In some plans, yes, you can keep your doctor. But you need to check with your plan to determine whether or not you can keep your current healthcare provider.
Can You Get Coverage for Prescriptions?
It depends on the plan. Sometimes, your plan includes prescription coverage. But if you require prescription items, you may need to examine your plan’s details throughout before signing up with anything.
How About Preventive Care?
Again, it varies depending on the plan you have. Some temporary insurance plans will cover you for preventive care. Check out the plan you wish to opt to know your options and learn about the details of your policy.
What is the Length of Coverage for Short Term Plans?
A federal rule regulates short term plans and it should only be within 12 months or 364 days. However, the length of the term can vary from one state to another. You should check your state’s plan details.
Can I Renew My Short Term Plan?
The federal rule allows short term plans to have a maximum duration of 36 months. In some states, plans cannot be extended. Other states, however, let you apply for multiple plans to give you coverage for over a year.
You may also apply for a new plan when your term is ending. But you should not treat it as an extension of your previous plan. Any medical condition you have developed while you are covered with your first plan is already regarded as a preexisting condition when you obtain a new policy.
Does the Short Term Plan Involve High Deductibles?
Some plans have high deductibles. But it all depends on the plan you pick. All short term plans underwritten by Golden Rule Insurance Company enables you to pick your deductible. You can opt to have a deductible of $1,000. But it all depends on the kind of plan you choose.
Do I Need to Pick a Specific Primary Care Provider?
Some health plans will let you choose a primary care provider or physician (PCP). Your PCP will be your main healthcare provider. However, short term health plans will let you go to any healthcare provider at any time. You may also not need to seek a referral when you need to see a specialist. You can just go to a specialist of your choice without having to get a referral from your PCP.
Short Term Health Insurance Plans