Short Term Medical Coverage, is it right for you?

Short Term Medical Insurance can be a great short term solution to fill a temporary gap in your Medical coverage.  Let’s just say you left your job for another opportunity and now you are left with a 3 month gap in your coverage because maybe you are in a 90 day probationary period with your new job. Short Term Medical can be the perfect solution.  

You must be healthy enough to meet the underwriting requirements in order to qualify.  These policies are not ACA compliant, which from an underwriting standpoint, means the prospective insured would have to provide evidence of insurability.  You wouldn’t require a paramedical exam or bloodwork, however, the Insurance Company can pull data from the various databases including, but not limited to, the (MIB) Medical Information Bureau.  They can also search the government database that shows Prescription medications one might be taking or have taken.   For Short Term Medical to be an ideal fit one would not currently qualify for premium tax credits due to high income and they are healthy enough to qualify for Short Term Medical coverage.  Some carriers even allow you to make a single payment which can reduce the premium by another nearly 25%. Should you need to cancel, for whatever reason, prior to the expiration date of your policy, you would be entitled to a prorated refund. In other words they would return all unused premiums back to you.

Many of my clients also use this type of Short Term Medical policy as a longer term strategy to cover potential health related expenses because the pricing is usually about 20% to 30% below the plans offered on the Marketplace to begin with and then the Single-Pay option lets you save another 20-25%. Many healthy business savvy people take these plans and self-insure up to the deductible. You’ve got your choice of deductibles. If the insured should experience a Medical event once they’ve met their deductible, the plan would then pick up 100% and typically up to a maximum of 2 million dollars of coverage per policy period.  Call me and let’s see if Marketplace coverage or Short Term Medical coverage can meet your Short Term or your Longer Term needs for your Health Insurance.

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