Most people have a point in their life where they consider going without health insurance. For some its because they feel it is too expensive, and they are young and healthy. But often times people go without health care coverage for a short period of time (less then a year) due to life circumstances. While the odds are you won't have a major medical expense in that period, if you are unlucky you may be financially ruined. Temporary health insurance is a useful option many people do not know about. Plans are relatively cheap and can protect against financial catastrophe.
When someone loses a job they are often faced with a major decision concerning their health plan. While the recently unemployed are allowed to stay on their previous employers plan via COBRA, that can be a very expensive option at a time when money is tight. Some people don't lose their job, but rather change employers, only to find there is a 90 day waiting period until their new insurance kicks in. In either case, a short term health insurance plan is a cost effective way to maintain coverage.
In either case, some people chose to take the risk of going without insurance, maybe not knowing about the option of temporary health care insurance. In doing so they leave themselves unprotected against very large medical bills. Appendicitis can strike anyone at anytime, even the young and healthy. And while our hospital system is very adroit at saving people from this disease, the cost can be staggering. Many uninsured are shocked to receive a bill over $20,000 for this seemingly routine surgery. The financial risks are not limited to immediate medical care. If a person goes 63 days without health insurance, their new employer's health care provider can deny payment for any pre-existing conditions.
Temporary health insurance plans are structured to provide financial protection from medical costs for those who need it for just a few months. While applying for and gaining coverage under a long term plan can take weeks, short term plans are structure to begin coverage as soon as possible. And because the health care insurance providers know the plan is going to expire within the year, they know they are not on the hook for long term care costs. Thus, they can provide coverage at a lower price. Discounts are often provided for paying for the plan upfront rather then month to month.
Buying short term insurance is a very wise move. It can protect you from outrageous medical costs should something bad happen to you, and it can keep you insured for your pre-existing conditions under your new long term plan. And temporary insurance is often cheaper then most people think it will be.
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