Short Term Plans
Short Term health insurance plans can be a great option for many people who cannot or do not want a full, long term plan. They are a quick, effective solution for those tricky gaps in coverage.
How Do Short Term Plans Work?
The definition of a short term plan is in the name—it is a health insurance plan that provides coverage for a short amount of time, i.e., less than a year (unless you renew it). Here are a few features of a short term plan:
- Get covered days after you submit your application
- You set your own deductible
- You set your own plan length, 1 to less than 12 months (depending on the state)
- Drop coverage with no penalty
- The option to re-enroll once the plan ends
What Do Short Term Plans NOT Cover?
Short term plans are not ACA-compliant (Affordable Care Act). This means that they are not required to provide the ten basic benefits available under long-term plans. This means that your short term plan may reject you for issues regarding pre-existing conditions.
Some plans may also not cover mental health solutions, substance abuse treatments, maternity care, or outpatient prescription drugs.
Do You Need a Short Term Plan?
There are a few circumstances in which an individual may consider a short term plan:
- You are unable to apply for ACA-compliant coverage
- You missed Open Enrollment (and don’t qualify for Special Enrollment)
- You’re waiting for your ACA coverage to start
- You’re looking for coverage to bridge you to Medicare
- You’re between jobs or waiting for benefits to begin at your new job
- You’re healthy and under 65 (i.e., not in the market for a long term plan)
- You lost or left your job
- You turned 26 and just transitioned off your parents’ health plan
If you fall under any of these categories, you may be in the market for a short term plan. The specific length of the plan will then be determined by your need. For example, if you are coming off of your parents’ insurance, you may invest in a longer-term than someone who is simply waiting for Open Enrollment.
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We are not connected with or endorsed by the United States government or the federal Medicare program.
Ready to Sign Up for a Short Term Plan?
Having a gap in your health insurance can be a scary thing. For any accidents or needs during that time, how can you afford the required healthcare? A short term plan can be an excellent “safety net” for those scary times.
But how do you find a good short term plan? And how do you find a long term plan once the short term one is over? That’s where we come in. For all of your health insurance needs and questions, call Veritas Insurance Group at 563-940-2284.
