What does a temporary health insurance plan cover?
Temporary health insurance plans are offered by many private health insurance companies. However, what type of coverage you get with any given temporary health insurance plan depends heavily on the policy. It’s important to read all the fine print of a temporary health insurance plan to make sure you are getting the coverage you need.
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According to U.S. News, temporary health insurance plans are very strict about whom they will offer coverage to. Women are often turned away from temporary health insurance because of pregnancy. Anyone who has any preexisting health condition will most likely be turned down as well or the insurance will not cover any health care relating to that preexisting condition.
Is COBRA a good temporary option?
Many Americans find themselves in between jobs without having any coverage. In these instances temporary health insurance coverage is perfect. COBRA is a great temporary or short term health insurance to have when you’re in between coverage. According to the U.S. Department of Labor, COBRA can offer those who have either lost their health benefits or who are in between coverage the right to continue with group health insurance benefits.
However, the downside to COBRA is those who decide to sign on for the plan will end up paying 102 % of the premium. For those who are used to group insurance through their employer this amount can be shocking and hard to come up with financially.
For those who need coverage due to unemployment, the family coverage cost of COBRA can take up to 84 % of an average laid off employee’s unemployment check for any given month, according to U.S. News.
What other short term health insurance options?
Since COBRA is expensive, many find themselves seeking out an alternative for temporary health insurance. You can find coverage for different person’s in your household rather than just signing everyone on one temporary health insurance plan such as COBRA. If you have children there are several options to get them coverage without having to pay out an arm and a leg. CHIP or Children’s Medicaid is a great option for those looking for coverage for children under the age of 19.
Medicaid is another option for those who are within a certain yearly income bracket. Many of the unemployed don’t know they can receive help from their state if they find themselves in a predicament leaving them without coverage or money to pay bills. It’s not a bad idea to check out what the private temporary health insurance companies have in terms of plans instead of signing on with COBRA or Medicaid. It’s important to make sure you have the coverage you need, but also to keep premiums reasonable and cost effective as well.
Can temporary insurance cover all of my needs?
Temporary health insurance usually has policies that cover one month, six months, and up until one year. Temporary health insurance companies advertise these plans as giving you coverage for those instances you can’t predict, such as injuries, accidents and illnesses they typically don’t cover preventative care, vision or even vaccinations.
This might be ideal for someone who is healthy and doesn’t need to go to the doctor’s office every couple of months. However, if you fall seriously ill and this illness lasts for longer than your short term health insurance coverage, you may find it difficult to find health insurance to help you cover further costs.
Short term health insurance plans are very strict about preexisting conditions.
If you have high blood pressure as a preexisting condition and are approved for insurance the company could potentially deny any claim that is related to this condition during the coverage period.
While some temporary health insurance policies are renewable this is not the case for all of them. Usually customers will not automatically be given an extension with temporary health insurance, rather they will have to reapply and go through the same steps as before. This means new deductibles and premiums may apply.
Most times reapplying for temporary health insurance poses no problems, however, your health will be reassessed. If you have any preexisting conditions that have developed there’s a good chance you will not receive coverage. Many will seek out temporary health insurance because they believe it’s less expensive, but there are gaps in the insurance that are commonly covered by long term health insurance.
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