Short Term Medical Insurance
You can avail for short term medical insurance for your family to tide over the eventuality of incurring medical expenses. Such insurance plans are targeted at helping you bridge your insurance needs for a short duration. These plans are meant for persons of good health who have no insurance plans and are in a transitory phase in life. After all, these are just insurance solutions for a temporary period only.
Gamut of short Term medical insurance
The short term medical insurance plan may normally be for one month up to half a year with a renewal option for three years. Though, if any claim is lodged during this period, the provider might not renew your short term policy. They may even offer you alternatives but these alternatives will exclude the illness or disease for which the claim(s) made. The issue of a short term insurance policy is rapid with next day issuance as it is a very simple process allowing payment by use of your credit card. Such policies offer you myriad benefits and help you meet your temporary insurance needs. But you have to bear in mind that such policies do not cover illness or disease which is already in existence with your health records. Such already existing illness is any illness which you were afflicted within the last three years. This criterion may change as per the state insurance laws and you are advised to consult your state’s department for insurance to apprise yourself of the exact applicable period and other details.
It is prudent to answer correctly and with complete honesty all queries with respect to the condition of your health. Because any wrong information might be a reason for your claim for treatment of such illness. Each and every short term insurance policy has detailed and explicit conditions which categorically limit and exclude certain illnesses and diseases. Hence, it would be practical to study in detail the benefits and conditions which are unambiguously outlined in the short term insurance plans before enrolling.
The need for short term insurance plans
The largest target group for short term insurance plans is those persons who are unemployed. Such unemployed individuals do not have any basic insurance coverage and are transiting between jobs. Hence, till they land another job with good insurance benefits, they opt for short term coverage. Some employers do not offer insurance benefits to new hires and such individuals also like to take advantage of the short term plans to help tide over the temporary period till they are eligible to be covered by their employer.
After graduating and till a good job with insurance benefits can be landed, new graduates take shelter of short term insurance too. Also, there is a substantial waiting period till your application for insurance cover is approved and you need short term insurance to take care of any eventualities which may affect you or any member of your family. If you are per chance not deemed eligible for the regular insurance coverage then there is the short term one to fall back on.
Let’s assume that you are now of the age where you are no longer eligible to be covered under your parent’s insurance policies, then consider what avenues are open to you if you are not even a student enrollee. This is when you should get a short term plan till you land a job with insurance benefits or opt for a separate insurance plan for yourself. There may be other reasons also why you are not presently covered by regular insurance and hence would like to be enrolled for a short term plan. You might have opted or been forced for an early retirement and hence, you would find it advisable to go in for a short term insurance until you will be eligible for statutory coverage.
Under the purview of a short term insurance cover, you are entitled for reimbursement of expenses incurred by medical care and also allow you to consult a specialist or doctor of your choice without any referral from the insurer provider. There might be a provision that you need a certificate from your provider prior to being admitted to any hospital though not in emergencies. The absence of such a certificate may not be eligible for reimbursement of your expenses for medical care. A short term policy may cover hospitalization and surgery expenses, diagnostic tests carried out before hospitalization or treatment, and in some cases, it may even cover check-ups or post operative visits.