Home > Insurance Articles > Short Term Health Insurance -Your Answer To Unemployment

Short Term Health Insurance -Your Answer To Unemployment

Todays Date: December 10, 2018

When people find themselves suddenly unemployed, health insurance tops their list of “concerns.” In such situations, it is worthwhile to look at temporary health insurance, with its myriad features, as a possible option.

Short term health insurance can work best for you in specific situations: say, you’ve just graduated from college, or you are a part-timer who needs health insurance. If you are waiting for more long-term coverage, for instance, you’ve retired early and are waiting for Medicare, health insurance for unemployed can neatly fill in the coverage gap.

The first option that comes to mind when someone loses employment is COBRA insurance. The general perception of COBRA continuing coverage sometimes makes people think that the rates will remain the same, but the rates increase as soon as the employer-sponsored part ceases. That makes COBRA coverage more expensive than employer-sponsored and even short term health insurance.

Unlike long term health insurance, signing up for a temporary health insurance plan is quick and easy, and coverage can even begin within 24 hours. Being temporary coverage, COBRA insurance alternatives plans do not cover previously existing conditions.

The benefits of COBRA insurance alternatives are typical: unplanned medical issues and injuries, including, but not limited to, ambulance services, hospital room and board, diagnostic tests, medical prescriptions, and surgery. Many plans also cover scheduled physician check-ups, depending on the options and deductibles.

Exclusions of COBRA insurance alternatives plans are pregnancy, eye and dental care, and any surgery considered elective or experimental. As mentioned earlier, pre-existing conditions are also not covered.

A range of deductibles, co-pay, and benefit maximums are offered by COBRA insurance alternatives plans. A business owner, for example, may choose a different plan than a student waiting for her first job. Short term insurance benefits also vary by state.

When you purchase health insurance for unemployed, you might be tempted to continue on it for a long time. However, it is designed for short periods, and you must ideally not exceed a year or so in short term coverage. If your insurance situation is uncertain, you can renew the plan monthly, for the maximum period specified in the plan.

Dan Miller enjoys writing about short term health insurance

http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/digg_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/reddit_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/dzone_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/stumbleupon_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/delicious_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/technorati_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/google_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/yahoobuzz_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/mixx_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/twitter_32.png http://financearticledirectory.com/wordpress/wp-content/plugins/sociofluid/images/jamespot_32.png
Comments are closed.