If you have ever been without health care insurance, you know what it feels like to worry about what-if scenarios for yourself or your family.
Perhaps you have experience working without health care or transitions in your career with gaps in coverage. Maybe you can’t currently afford health care coverage. Either way, you need short term health insurance.
According to the Society of Human Resource Management, the average employer now pays $15,000 annually per employee for healthcare. Did you know that individual premiums doubled from 2013-2018 as well?
You are somewhat familiar with short term coverage, but you aren’t sure if you need it. You want to know why you should get short term health insurance. You aren’t the only one.
Short term health insurance can be incredibly useful in a variety of situations. Here are some reasons you should look to get short term health insurance.
5 Reasons You Need to Get Short Term Health Insurance
You want to know all you can about short term health insurance and if you need it. Short term insurance is a healthcare plan that will cover you during a transition or gap period.
Short term health insurance will cover you if you are in transition, and currently uninsured. It will give you coverage if you are out of open-enrollment periods.
Keep in mind that if you do have a qualifying life event like marriage, the birth of a child, or loss of employer-based coverage, you may qualify for major medical during non-enrollment.
It may be helpful if regular health care coverage is not currently in your budget. If a premium isn’t in your budget, the last thing you want is an accident, or unexpected illness to hit your bank account.
Here are five reasons you need to get short term health insurance as soon as you can.
1. Cover Emergencies
The main reason you want short term health insurance is emergencies. Did you know that over 136 million Americans visit the emergency room every year? What if you have an emergency or an accident? What if you are one of those 135 million?
We may compare costs as well for the emergency room so you know what you are up against. Based on recent studies, an emergency room visit costs range from $1,300 to $2,600. If you compare even 1 emergency room visit on the lower end of $1,300 to a short term health insurance policy you are ahead of the game.
For comparison purposes, for the same cost as an emergency room visit paid out of pocket, you may have a full year of short term health insurance covered. This doesn’t include the added benefits you will get and the peace of mind. You may explore short term health care with these custom options
2. Include Dr’s Visits
Do you find yourself in a transitional period, or perhaps can’t currently afford major medical coverage? You might worry about what will happen if you get sick at the same time.
It may surprise you to know that short term health insurance coverage includes doctor’s visits as well. It is important to be aware that short term plans limit the doctor’s visits. You will likely agree its better to have some covered than not at all.
With any short term health insurance plan, it is important that you assess coverages and limitations.
3. Fast Coverage
With traditional health care, coverage starts 2-6 weeks upon eligible enrollment. In comparison, you may get faster coverage with short term health insurance.
Depending on the policy of the provider, you may be able to get immediate coverage within 1-14 days. Short term health insurance typically lasts 1 year, as most states offer a 1-year maximum. In some states, you may able to renew up to three years.
Your short term health coverage is somewhat similar to healthcare policies. There are limitations you want to ask about depending on the policy you potentially choose.
4. Peace of Mind
In case you aren’t convinced yet that you need to get short term health insurance, preventing bankruptcy might do it. Did you know that up to two-thirds of people file for bankruptcy are due to medical issues?
Look back on your last three years and the average times you visited the doctor. Think back on the last ten years and any accidents or emergencies you or your family have had. Think of the bills you had or didn’t have because insurance covered them.
Imagine if something happens again, and the impact on your finances and your life. Peace of mind is priceless.
5. Low Costs
Short term health insurance offers low-cost options with deductibles, coverage, and premiums. The premium costs may be 40-70% lower than major medical policies.
Your policy will include premiums, benefits, and cost-sharing. You want to know exactly what your policy covers, and what it doesn’t. You will want to select a deductible that is best for you.
Get Short Term Health Insurance
If you are in a transitionary period, you need to get short term health insurance. You don’t want to get sick, have an accident, or experience an emergency and have the added stress of financial strain or disaster. With short term health insurance, you will have peace of mind.
Whether you are experiencing transitions or your currently uninsured, short term health insurance will help. Short term health insurance is better than no insurance.
Please comment on any experiences you have had with transitions or gaps in health care coverage and what you decided to do.
Check our blog for helpful articles on health insurance.