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Short term or temporary health insurance policy is a low-cost protection coverage offered to individuals and families for a very short period of time, usually one to six months. However, a person can extend the policy period according to his/her need with respect to policy's guidelines. But it is suggested to stick to the traditional health insurance plan as it gives more benefits than other.
Short term insurance plans are somewhat different from traditional plans as they exclude diagnostic and preventive treatments such check-ups, dental and optical checkups, and work-related injuries. Also, they do not include pre-existing conditions.
Emergency situations like intensive care, prescription drugs, or x-rays check-ups are covered under short-term health insurance plans.
It is suggested to look for the pros and cons of each policy offered under this plan to get maximum benefits.
Working criteria of short term insurance policy:
A short-term health insurance policy with low premiums and high deductibles works in a similar pattern that an "indemnity" plan do. It gives freedom to an insured person to choose deductible from the range of $0, $250, $500, $1000, or $2500. Usually the plan pays 80% of the medical expenses, but in some cases there 100% reimbursement is also available.
Usually, short term health insurance plan is non-renewable, but keeping in mind that some insurers will not be interested in issuing a second or third policy if an insured person files any claim under the previous policy, they are becoming renewable for up to 36 months.
Two conditions under which an insured person can enroll additional policy after six months:
If he hasn't made any claim under his previous policy.And
if there is no significant change in his health.
Some good companies provide money-back opportunity, this means if a person is not satisfied with his policy in the guarantee period of 30 days he will get back his 100% premium.
Shortcomings and ailments of short-term life insurance policy:
One of the major drawbacks of these policies is that it doesn't cover "pre-existing" conditions of an insured person. Mostly policies are non-renewable, so a new policy is required to be obtained after 6 months or 12 months of the previous policy.
The policies usually exclude maternity expenses, but sometimes they cover complications occurring in pregnancy.
Some difficult conditions arise when a client develops a serious condition shortly after their coverage goes into effect. In this case, the insurer would simply refuse to issue another policy or could also consider that serious condition as "pre-existing".
For whom it is best suitable:
Looking the coverage requires less amount of premiums and is for very short-duration, the coverage is best suitable for those people who are changing jobs or are temporarily out of work. Although, they can continue with their previous policy with their previous employer under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) till the time they get another new policy with their new employer. The short-term coverage will help them to get policy with cheap premium than Cobra with high premium.
The policy is also suitable for part-time employers in condition when some companies don't offer insurance policy to their part-time employees.
College graduates and graduates looking for jobs are making a new group of people interested in joining short-tem insurance policy.
Fortis Short-term health insurance plan:
The plan is best suitable for people who are living in the US and are changing their jobs or temporarily out of job. It is also suitable to the people who are mentioned above.
To get the plan, applicant must fulfill all the eligibility criteria like they should be under the age of 65. They should not have any other policy and should meet the acceptance guidelines produced by the company.
The policy will provide them freedom to choose any doctor and hospital with policy duration from 30 to 365 days.
In addition to common benefits, Fortis provides some additional benefits also. Like:
Accident Medical Expense:
This will provide 100% coverage up to the deductibles paid by an applicant at the time of accident.
Dental-Vision Savings Plan:
The plan will provide 50% on almost every dental and eye care services like dental and eye check-ups, eyeglasses, contact lenses to an applicant from various states like Alabama, Arizona, Colorado, Ohio, etc.
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