What is Short Term Insurance?
Short term health insurance is designed to provide low cost medical coverage on a temporary basis. Ideal if you’re between jobs, temporary or seasonal worker, a college student or recent graduate, in a waiting period, while between permanent health plans or as a low cost alternative to COBRA or traditional health coverage. To learn more, view the Buyers Guide by Clicking Here.
Short term coverage is available for as little as 30 days and you can keep it for up to 6 or 12 months. Most plans allow you to purchase an odd number of days. When you select the single payment mode, you will typically receive a discount of 20-30%.
This short term insurance is designed for people living in the U.S. who need to take out a short term insurance plan. So, for example, you may be between jobs without medical coverage or waiting for the benefits of a new plan to start. Or, you may just have graduated from college and you may want cover until you find your first job. Some people also take this kind of plan on if they are self employed or as an alternative to COBRA plans.
There are times in our lives when we may be between standard medical and other insurance policies. We may know that we’ll be arranging cover soon but that could leave us with a period of a few weeks or months when we don’t have insurance. Short term insurance simply gives you cover for these short periods with an emphasis on unexpected accidents and illnesses – without it you could be liable for all kinds of medical and related healthcare costs.
Short term insurance has often been considered to be the “baby” of insurance policies but it is actually a very useful innovation that has assisted millions of South Africans with the type of coverage that they need without incurring too many costly premiums or other long term responsibilities. So what is Short Term Insurance and how can it help you?
Short Term Health Insurance: Do You Need It?
There are different kinds of health insurance plans available today. However, you may want to know more about the short term health insurance plan. You will most probably ask who this health care plan are for and why is it being offered to people? You will be surprised as to the number of people who needs this plan at some stage in their life.
For starters, this type of plan is very in demand for people who recently graduated from college. Even if they have been covered by a large health care plan policy in their college years, you have to remember that they become unsuitable for coverage once they graduate. So, in order to keep themselves protected after graduating from college, they often get a short term health care plan until they find a job that offers a long term health care plan.