People who hold a part time or full time job may be entitled to health care coverage offered by their employer. But what if you are not employed? How can you get assistance to pay for medical expenses, doctor visits, or prescription medications? There is no need to despair. There is an option to help alleviate financial burdens associated with these sudden expenses. Short term medical insurance is available to people who are unemployed or students who have just graduated and are looking for employment. In many cases, after starting a new job, there is a probationary period in which you are not eligible for health care benefits through your employer. This can range from a couple of weeks to several months. If you need any medical treatment during that period, you will be responsible for all costs unless you have short term medical insurance.
Short term medical insurance is designed to cover expenses for only a limited period of time. This period can be anywhere from a month to a year. It is used only until someone can land a permanent job and be covered through alternate plans. Any expenses associated with sudden illness or injury would fall under the coverages. There are usually exclusions and limitations within this coverage that you must be aware of. Many pre-existing conditions may not be covered. If you have been diagnosed with diabetes, cancer, or certain heart conditions, costs associated with these may not be included. There may also be a limit to the amount of coverage provided for certain conditions. You would be well advised to review the policy, and if you have any questions or concerns, bring them up immediately with your insurance agent. It is best to know all the facts ahead of time so that you are not dealt a surprise should you require receive treatments. It can be shocking to learn that you will be expected to pay for something that you thought was already covered.
Short term medical insurance works in one of several ways. You may be required to pay a deductible each time you seek treatment, or this deductible may be a one time charge. The deductible is the amount of the health care cost that you are responsible to pay out of pocket. The higher your deductible, the lower the premiums will be. It is important to keep in mind that the deductible should fit within your budget and should not be a burden for you to pay. You don’t want to choose a high deductible to get lower premiums, and then have to pay a higher bill in the long run.
Some short term medical insurance plans offer the choice of co-insurance as well. This simply means that your insurance company will pay for a certain percentage of the medical expenses and you are responsible for the remainder. Depending on the service required, they way pay for the entire bill or only a small portion. If you require a major procedure to be performed, your insurance may only pay half of the expense and you will have to pay the other half. As in regular health insurance coverage, most major medical procedures and services may require approval from your insurance company before they will be covered.
Your insurance company may require you to pay minor expenses out of pocket and then they will reimburse you upon submission of the relevant receipts. This is usually not a desirable option as this coverage is designed for those who do not hold a job and so are usually not in a financial position to pay a substantial medical bill.
Not everyone is eligible to apply for and receive short term medical insurance. Applicants must be under the age of 65 as that is the usual age of retirement. Because this insurance is geared towards people who are unemployed, retirees cannot take advantage of it. They are no longer working and the will be receiving a pension. People who have pre-existing medical condition may be declined for this coverage. If they are required to visit their physician for a certain condition on a regular basis, they will not be eligible. This also applies to women who are pregnant. Because they are required to make several visits to their doctor throughout their pregnancy, they cannot apply. If you are already covered through an alternate medical plan, short term medical insurance will not be available.