You never want to be in a position where you don’t have coverage because medical expenses can add up fast if the unthinkable occurs. So short-term health insurance is a good idea if you’re in-between jobs and health plans.
3. What Is Short-Term Health Insurance Coverage?
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Short-term health insurance can provide you with temporary medical coverage between health plans, outside enrollment periods, and coverage in an emergency.
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What does short-term health insurance cover?
Short-term plans are not required to comply with or meet the same standards as the Affordable Care Act (ACA) plans. However, short-term medical insurance can cover preventive care, doctor visits, urgent care, and emergency care. There may also be coverage for prescriptions.
Short-term healthcare is a great solution to have if you are on a tight budget due to the super-low cost of coverage.
Health insurance can be confusing. So if you know the terms, it will be easier.
Know Your Health Care Terms and Definitions
By understanding standard health insurance terms, you will better understand the cost of your plan. You will also understand what your plan covers.
For Example:
- Premium: This is the set amount that you pay each month to maintain your coverage
- Covered Costs: Costs that your health insurance plan will provide payment to cover. These can include medical services, treatment, supplies, and prescription drugs.
- Deductible: A flat dollar amount of money you pay for your covered medical services out of pocket before your health insurance begins to pay for your healthcare. For example, suppose you have a $1,000 annual deductible. You have to pay that amount out-of-pocket toward covered medical care before the insurance company begins paying your claims—generally, the higher deductible you pay out of pocket, the lower your monthly premium payments.
- Copayment: This is a fixed, flat fee for certain kinds of office visits, prescription drugs, or other services. Because the health insurance copay is a fixed cost, you’ll know exactly how much you owe ahead of time. For example, if your policy lists a copayment of $50 for a doctor visit, you pay that amount each time you see the doctor.
- Coinsurance: This is a percentage of the total cost for a covered medical service instead of a fixed copayment. If the insurance company owes a doctor $100 for your visit, and you have a coinsurance of 10 percent, you’ll pay $10 for a visit.
Be sure to read the “exclusions and limitations” information provided on the seller’s website before buying any plan. Reading the ‘exclusion-and-limitations’ information will inform you what’s covered and not covered by a specific health plan.
