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According to MoneyCentral by MSN, states and federal governments now offer short-term health insurance to those with pre-existing conditions that have been denied coverage. This plan covers those who have been without insurance for at least six months and who have not been able to get insurance because of their illness.
What is short-term medical health insurance?
Short-term medical health insurance is also known as temporary health insurance. Just like regular health insurance, short-term health insurance offers the same benefits. Those who have a medical emergency or become ill will have full coverage by their short-term policy.
However, this is a temporary insurance and only offers coverage for a certain period of time. How long the policyholder has coverage totally depends on the plan that was bought. Usually, short-term medical health insurance plans are paid for upfront, rather than on a monthly basis like most policies.
What are the reasons for buying short-term medical health insurance?
Short-term medical health insurance is specifically designed to give you coverage for those times when you have a gap in insurance. People who are between jobs will sometimes not have coverage for a short period and rather than letting their insurance lapse, they find temporary coverage.
After graduation, students will run out of medical health insurance coverage. For those who are starting their jobs a couple months after graduation or for those who are still looking for a job, short-term medical health insurance is essential.
There are those group health insurance plans that have waiting periods. Because of this, there can be a gap between insurance policies. Short-term health insurance is beneficial for those who find themselves waiting for group health insurance coverage.
How do you qualify for short-term insurance and how long does it take for coverage?
The process for applying and being approved for short-term medical health insurance isn’t drawn out long. Most find it to be a fairly simple and quick process. The length of acceptance more or less depends on how you answer the questions asked by the short-term health insurance company.
Those answers are simple and if the insurance agent doesn’t need further information, the turnaround time from application to acceptance can be quick. The questions that are typically asked by short-term medical health insurance agents are the following:
- Have you been treated by any major illness such as stroke, diabetes, cancer, AIDS or HIV?
- Are you pregnant or is anyone you’re covering under your policy pregnant?
- Will you be covered by any other health insurance during the start of your short-term medical health insurance coverage?
- Have you ever been turned away from a health insurance policy because of a pre-existing health condition?
If the questions asked are answered entirely, insurance companies will decide immediately whether you’re eligible for short-term medical health insurance.
While there can be waiting periods for individual or group health insurance plans, short-term health insurance does not have waiting periods. Usually coverage begins within 24 hours of acceptance.
The reasons behind a quick turnaround are mostly that it is temporary coverage. Long-term health insurance takes much more into consideration when deciding to accept or reject applicants because they need to weigh out risks of the individual or group being insured.
What are some good short-term medical health insurance plans?
The Consolidated Omnibus Budget Reconciliation Act (COBRA) was designed by the U.S. Department of Labor to cover those workers and their dependents when they’ve lost their health insurance.
COBRA offers workers short term health insurance at the group insurance rate. Those who qualify for COBRA will need to pay the entire premium.
Those companies who employ 20 or more people can offer COBRA to those employees who lose their health care benefits. COBRA usually covers those employees who lose their benefits because of quitting a job or job loss, reduction in hours, during the transition from present job to new job and other life events such as death or even divorce.
Finding the right short-term medial health insurance doesn’t have to be a drawn out process. To research health insurance rates enter your ZIP now!