Typically, a comprehensive insurance policy, along with its extensive coverage clauses proves to be expensive. This puts it out of reach for people who are unemployed, going through a professional transition or students. What they ideally need is an affordable, no-frills insurance policy. A short term health insurance policy will satisfy the immediate crisis of coverage.
In most countries, insurance policies are facilitated by employers as a part of employee insurance benefits. The steep premiums are also taken care of by employee wellness funds and other contributions from the employers. Hence, unemployed people might be forced to purchase less comprehensive, yet costlier individual policies. Temporary insurance is a pragmatic solution for people who want basic coverage.
The short term health insurance policy offers comprehensive personal coverage for immediate injuries and medical emergencies. The policy covers charges for emergency hospitalization, medication and physician’s consultations. Policy coverage is also afforded for ambulance transport, diagnostics and intensive care.
Short term medical insurance policies could usually be purchased with validity of coverage being less than 6 or 12 months. The period of policy coverage usually depends on the insurance policy provider, and the state of residence/ validity.
A short term health insurance policy typically entails low monthly premiums. Premiums may be paid monthly. Often a discount can be availed with an upfront single payment. The policy coverage makes it suitable for healthy individuals with no medical pre-conditions, who need temporary financial security until they secure a decent job.
A short term health insurance policy doesn’t facilitate coverage benefits for pre-existing medical conditions, maternity care or preventive medication. Routine medical evaluations/tests, inoculations and rehabilitative treatment are also denied insurance coverage under this policy.
Some of the short term medical insurance policies provide limited personal coverage benefits. This results in the subscriber not having to fork out an exorbitant amount for monthly premiums. The policy also doesn’t require detailed physical examinations to be undergone by the applicant as well. Also, the applications for the short term health insurance policy aren’t required to go through medical underwriting.
The coverage provided by the short term insurance policies is basic, yet surprisingly affordable and effective. It ensures personal financial safety and security, proving to be just ideal for those lean financial patches.
Dan Miller often writes about short term insurance.
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