Benefits of Short Term Health Insurance

Health insurance has gotten expensive. But it isn't worth remaining uninsured. 

In response to the rising costs of health insurance premiums this year, many individuals have turned to short term health insurance. 

What is Short Term Health Insurance?

It’s a convenient alternative to qualified health plans—with lower monthly premiums and next day enrollment, short term will bridge your gap in coverage so you don’t have to be uninsured until the next Open Enrollment Period. It works nicely for people who are consistently in good health because it functions like a catastrophic plan. Meaning it will cover you in the event something unexpected happens but not is not meant for everyday check ups, tests and procedures. Short term health insurance plans such as UnitedHealthOne have no network restrictions on the doctors and hospitals you need to visit and no waiting period from the time you complete an application to having coverage. 

Why get Short Term Coverage?

1. On average, short term health insurance is less than half the price of major medical. A family of 6 can elect short term for as little as $400 dollars a month. 
2. UnitedHealthOne, the brand of individual insurance products for UnitedHealthcare, offers access to its large PPO Choice Plus network—otherwise unavailable in the individual health insurance market.
3. There is no waiting period, you can fill out a form today and have a policy in your name by tomorrow. An online application takes less than ten minutes to complete. It’s flexible—apply for an effective date of your choice and customize your coverage to suit your situation with deductible amounts ranging from $100 to $10,000.

Just remember—it’s temporary. But for some a qualified health plan simply isn’t an option.

FIND SHORT-TERM HEALTH PLANS

Who is Short-Term Insurance for?

There may be many reasons why you choose short term coverage. Maybe you missed the deadline of the Individual Open Enrollment Period and don't have a Qualifying Life Event (QLE). Maybe it’s a matter of affordability—this year rates increased immensely. Or you're a healthy individual who would like to pay out of pocket for your healthcare needs (and refuse to pay those high monthly premiums).

Whatever the reason.
Short term it is meant to cover those with a temporary gap in coverage or in times of transition—

• In-between jobs
• In need of a low cost alternative to COBRA
• New hire waiting on group coverage to kick in
• Not quite eligible for Medicare—almost 65
• No longer on parent’s policy—recently turned 26
• Waiting for approval of major medical coverage
• Uninsured and don’t have a QLE

We are currently in Special Enrollment Period (SEP). This means you can’t enroll into a health insurance plan until the next government-regulated Open Enrollment Period (OEP). This year’s OEP ran from November 1, 2016 – January 31, 2017.  

There’s an exception during SEP for individuals with a Qualifying Life Event (QLE):

• Marriage
• Divorce
• Birth of a Child
• Legal Separation
• Moving to a Different State
• Involuntary Loss of Coverage

You must enroll or make a change to your current plan within 60 days of your QLE. This time of year—short term health insurance is the best option for individuals who don’t have a QLE.

Short-Term Insurance Carrier Comparison:

UnitedHealthOne

• Best choice for healthy individuals
• Access to the largest network in the nation—Choice Plus Large PPO
• Co-pays available
• Offering short term insurance for 30 years

HCC Life

• Most cost effective option
• Next day coverage available
• Deductibles ranging from $250 - $7,500
• Free Look Period—10-day money back guarantee

National General

• Fastest turnaround time
• Next day coverage available
• Access to national Aetna Open Choice PPO Network

Petersen International

• Best choice for individuals with pre-existing condition
• One-page application with no medical questions
• Access to the Northshore network of physicians and hospitals

Keep in mind most short term policies are medically underwritten so unlike qualified health plans you can be denied coverage if you have a pre-existing condition.

For example: If you are asthmatic and you are hospitalized for an asthma attack. This policy will not cover your claim.

Only one carrier is guaranteed issue—Petersen.

New Health Care Regulations Effective April 1, 2017

Effective April 1, 2017, short term plans can only be issued for 3 months or less—no fooling.  Plans issued with effective dates between January 1, 2017 and March 31, 2017 can be issued for periods longer than 3 months but coverage must end by December 31, 2017.

This three-month cap includes the renewal period. For example, you may purchase a one-month policy and renew that coverage immediately for an additional month only if the combined length of the 2 policies combined equal less than three months.    

SHOP SHORT-TERM HEALTH PLANS TODAY

Questions? Speak with a licensed agent today for more information on short term. 855.563.6993.