How to Buy Short Term Health Insurance

As the name suggest, short term health insurance is coverage meant to protect you with your health care needs for a limited period of time, usually from 30 days to two years. Most plans do not include routine care, such as immunizations, or pre-existing conditions (what constitutes a pre-existing condition is determined by the rules of your state ). Because the coverage is limited, the premiums are usually lower than what you would pay with a traditional individual health insurance policy.

If you are interested in buying short term health insurance, here are some important steps to follow:

1. Decide if short term health insurance is right for you. Because short term health insurance is renewable for a maximum of 36 months (and sometimes less depending on the policy), these policies are not right for everyone. If you are going through a transition, such as graduating from college or looking for employment, then these policies may be a good choice.

2. Decide how long you need the coverage. When you're comparing plans, you should have an idea of how long it will be before you can secure traditional medical insurance.

3. Compare all of your options. You can find health plans offered by a number of companies in most states so shop around and compare.. You want to find the most affordable coverage which also gives you the greatest amount of protection.

Action Steps

To find a short term health insurance plan, these are the best resources available.

Work with an insurance broker
Insurance brokers are trained to work with consumers and to help them find their way through their health insurance choices. Unlike agents, brokers do not work for specific companies but do specialize in particular states so they know the plans available in your area and your rights as an insurance buyer.

Know what to expect
Browse through some available short term health insurance plans on your own so you'll know, in general, what is being offered before you start doing comparisons. For example, there are some short term plans that require you pay a deductible per sickness or injury prior to sharing in the cost of the medical expense, though the premium may be lower, your out-of-pocket expenses will be higher! On the other hand, a one time deductible may slightly have a higher premium; but, in the long run you will keep more money in your wallet.

Check your other options
In some cases, short term health insurance is not going to be your only option. For example, if you've lost your insurance because of recent unemployment, then you may be eligible for COBRA coverage. In some cases, these alternatives can be better choices because they will cover pre-existing conditions and may be a more effective bridge between more permanent insurance policies.

Tips & Tricks

Short term health insurance is usually fairly easy to qualify for. However, most companies will not provide this type of coverage to anyone over the age of 65. You are unlikely to be accepted if you have been refused in the past for short term health insurance . In these cases, you may need to check into your state's high risk insurance pool (not an option in all states).

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