Short Term Medical Insurance provides coverage for individuals who need temporary medical insurance for a limited period of time. This type of insurance is designed to bridge gaps in coverage, such as when someone is between jobs or waiting for their employer-sponsored health insurance to start. Short term medical insurance is also an option for individuals who missed the open enrollment period for a standard health insurance plan or are in need of coverage while traveling abroad.
Short term medical insurance policies typically last from one to twelve months and are renewable for up to three years. The policies provide coverage for doctor’s visits, hospitalization, and emergency services, as well as some prescription drugs and medical tests. However, it is important to note that short term medical insurance plans are not required to comply with the Affordable Care Act’s coverage standards and may exclude coverage for pre-existing conditions, maternity care, and mental health services.
Despite these limitations, short term medical insurance can be a cost-effective solution for those in need of temporary coverage. Premiums for short term medical insurance are often lower than those for standard health insurance plans, making it a viable option for individuals who may not be able to afford long-term coverage. Additionally, short term medical insurance plans offer more flexibility in terms of when coverage starts and ends, and they typically have shorter waiting periods for coverage to begin.
It’s important to note that short term medical insurance is not a long-term solution for healthcare coverage. While it can be a viable option for those in need of temporary coverage, it is not a substitute for comprehensive health insurance. Individuals with pre-existing conditions or chronic health issues may not be able to find adequate coverage through a short term medical insurance plan.
If you’re in need of short term medical insurance, Morgan & Allen‘s independent insurance agents in Cary, NC and Durham, NC can help you find the right policy for your needs. Our team has extensive experience in the healthcare insurance industry and can assist you in evaluating your options, comparing policies, and finding a plan that fits your unique situation. Contact us today to schedule a consultation and learn how we can help you.