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Without Coverage? Top 5 Reasons to Buy Short Term Health Insurance

Without Coverage? Top 5 Reasons to Buy Short Term Health Insurance

Posted Jun 11, 2015 by Author

When you have a gap between Obamacare health insurance plans or jobs with employee health insurance benefits, you’d be wise to consider a short term health insurance plan.1 If you need a reason to apply and enroll, we’d be happy to give you five big ones: 

1. It can help lessen the financial blow of unexpected medical bills. 

Sometimes it can be tempting to go without health insurance coverage due to affordability concerns, but consider how you will fare should unforeseen circumstances arise. Few, if any, of us expect to break our collarbones on a bike ride or need an emergency appendectomy—and these situations don’t wait for a more convenient time when we have health insurance to help pay the resulting medical bills. 

For a monthly cost that typically amounts to a fraction of Obamacare health insurance premiums, short term health insurance provides benefits for expenses related to emergency room visits, surgical services, inpatient and outpatient hospital care, intensive care and more—benefits vary depending on the plan you select. Once you meet your short term health plan’s deductible, your benefits kick in and lower the out-of-pocket amount you pay for covered charges.

What’s the difference between short term health insurance and Obamacare?

2. You get to choose your plan commitment. 

With short term health insurance, your policy length is up to you. Short term health insurance plans commonly last 30 to 180 days. However, depending on the state where you live, you may be able to enroll for as long as 364 days.

If you find the policy length you select isn’t long enough, you may enroll in another short term health plan when the first one expires. Subsequent policies will be considered separate from the first. You must go through the application and enrollment process again.

Need more reasons short term health insurance might be right for you?

3. Short term health insurance plans can be customized.

Health care needs and financial circumstances vary, which means short term health insurance plans should not be one-size-fits-all coverage. In addition to deciding how long your short term coverage will last, you may select your plan deductible, the coinsurance percentage the plan will pay for covered charges once you reach that deductible, and your out-of-pocket amount for charges applied to coinsurance.  

In general, if you want to keep your monthly rate lower, you will select a plan with a higher deductible and lower coinsurance; if you want to keep your out-of-pocket share of covered charges lower, you will select a plan with a lower deductible and higher coinsurance.

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4. You can keep your doctor.

Most short term health insurance plans allow you to choose your health care providers, which means you can see the doctors and hospitals you prefer. If you are worried about who accepts this type of coverage, you can be assured that most doctors and hospitals accept short term health insurance.

Furthermore, many short term health plans partner with preferred provider organizations, and if you decide to utilize their services you will gain access to discounted care. The choice is yours. 

5. You can get short term health insurance coverage fast.

There are many reasons you can wind up without major medical health insurance: divorce, employer waiting periods, job loss, turning 26 and aging off your parent’s plan, missing Obamacare open enrollment, and affordability concerns, to name a few. Sometimes you’re not ready to look for long-term coverage right away, but you don’t want to leave your health and finances vulnerable, even for a few weeks.

Fortunately, you can obtain short term health insurance coverage fast. You can apply online 24/7, and the process takes just a few minutes. There’s no underwriting, you simply answer a handful of medical questions to determine your eligibility—and that means no waiting until the following month for coverage to begin; you can choose an effective date as early as the day after you enroll and pay your premium.

Apply now

Visit healthedeals.com to learn more about short term health insurance coverage. If you need help selecting the right plan or have questions, call 888-839-7679 to talk to an IHC representative. 

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1SHORT-TERM MEDICAL EXPENSE (STM) 

THIS IS A SHORT TERM HEALTH BENEFIT PLAN THAT IS NOT INTENDED TO QUALIFY AS THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA). UNLESS YOU PURCHASE A PLAN THAT PROVIDES MINIMUM ESSENTIAL COVERAGE IN ACCORDANCE WITH THE ACA, YOU MAY BE SUBJECT TO A FEDERAL TAX PENALTY. ALSO, THE TERMINATION OR LOSS OF THIS POLICY DOES NOT ENTITLE YOU TO A SPECIAL ENROLLMENT PERIOD TO PURCHASE A HEALTH BENEFIT PLAN THAT QUALIFIES AS MINIMUM ESSENTIAL COVERAGE OUTSIDE OF AN OPEN ENROLLMENT PERIOD. THIS POLICY INCLUDES A PRE-EXISTING CONDITION EXCLUSION PROVISION. 

About The IHC Group 
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over 30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American Independence Corp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.

About IHC Specialty Benefits, Inc.

IHC Specialty Benefits, doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products through general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit http://www.HealtheDeals.com