Short Term Medical
Short-term Medical Insurance is also known as Limited Duration Medical Insurance and does not provide comprehensive medical coverage and is not minimum essential coverage as defined in the Affordable Care Act (also known as “Obamacare”).
If you lose other health insurance coverage or are temporarily between jobs, you may need to purchase short-term health insurance. Examples situations include:
- Leaving a job that had a health insurance plan and not qualifying for COBRA plans
- Retiring early and looking for temporary insurance until qualifying for Medicare
- No longer qualifying for a group plan due to divorce
- Moving to a new state where an existing plan cannot follow and waiting until a new plan starts
- Students or young adults turning 26 who no longer qualify for their parents’ insurance
- People who want to have a plan with no network and find ACA plans too expensive
How Do You Compare Short-term Health Insurance Providers?
There are a few factors you should keep in mind when shopping for short-term health insurance:
Coverage limits: Most short-term plans have coverage limits ranging from a few hundred thousand to a few million dollars.
Deductibles: The higher your deductible, the more you’ll have to pay out of pocket before your insurance kicks in. Most short-term health insurance plans have deductibles ranging from $1,000 to $10,000.
Availability: Short-term health insurance is available in only 39 states, and providers may not operate in all of those states.
Prescription coverage: Not all short-term health insurance policies cover prescriptions, so be sure to look for a plan with coverage if you take any regular medications
Pre-existing conditions are not covered in a short-term or temporary health plan.
STM insurance may not cover all Essential Health Benefits. Check your plan carefully before enrolling. Plans are subject to medical underwriting, and generally do not cover preexisting conditions, and may have lifetime and/or annual dollar limits on health benefits. You can be denied coverage for a medical issue you’ve previously been treated for. If your coverage expires, or you lose eligibility, you may have to wait until an open enrollment period to get other health insurance coverage.
Washington State and Oregon State only allow consumers to enroll in STM coverage for up to three months. Contact me to learn about insurance coverage that fits your needs and budget. There is no obligation and I am happy to research a wide-range of options for you.
Contact me to learn about insurance coverage that fits your needs and budget. There is no obligation and I am happy to research a wide-range of options for you.