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| CLINICAL
MIND > INSURANCE |
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Temporary
Health Insurance |
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The reason that we all really need health insurance
in this day and age is because of "The Big
One". That one big unforeseen car wreck or
major illness could potentially destroy you financially
if you don’t have adequate health insurance.
Sure, we all want health insurance that will provide
coverage for check-ups and preventative testing—but
those really are things we can do without for
a short period of time. The real need for health
insurance comes from trying to protect yourself
from those catastrophic medical bills that always
seem to arise at the worst times—when you
are not covered. |
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Who
Should Consider Temporary Health Insurance |
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Recent
College Grads:
There is typically a short lull when a
student graduates from college and is
no longer covered under their parents’
or some university plan and a temporary
policy will help ensure coverage until
a more permanent solution can be found. |
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Part-time
Workers |
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Temporary
Workers |
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Recent
Retirees:
For anyone retiring early or to ensure
coverage until signing up for Medicare,
a temporary policy can help eliminate
risk of major medical expense in the interim. |
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Those
losing Dependent Status:
Depending on the state and policy, there
will come a point between 21 and 25 when
a parent will no longer be able to cover
a child on their health insurance plan.
If no other coverage is available through
an employer, a temporary policy will cover
major illnesses and accidents during the
interim period. |
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Self-Employed:
Although COBRA may be an option along
with obtaining independent health insurance,
they may not be viable alternatives when
one is first starting out in business.
To lower expenses while still maintaining
health insurance in case of a major illness,
many small business owners buy a temporary
policy until they can afford to purchase
a long term policy. |
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Basically, anyone who is healthy and without
health insurance can sign up for temporary health
insurance and at least have coverage for major
illnesses, accidents, and injuries. A temporary
policy is typically issued in one month intervals
making it easy to either discontinue coverage
or continue it by making another payment. And
the great thing: temporary health insurance offers
some of the lowest premiums in the industry with
a number of benefits, including: |
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Short
Application:
Temporary health insurance policies are
known to be the shortest in the industry
but it is important to be very honest
about the medical history because any
misrepresentation of information may lead
to coverage being denied in the event
of a pre-existing condition. |
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High
Coverage: Temporary
health insurance policies are known to
be the shortest in the industry but it
is important to be very honest about the
medical history because any misrepresentation
of information may lead to coverage being
denied in the event of a pre-existing
condition |
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Low
Premiums: Due
to high competition and the limitation
of services, temporary health insurance
premiums are much lower than Cobra options
in most cases and will still provide ample
coverage in the event of true medical
emergency |
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No
Medical Exam:
Most companies offer online applications
and do not require any medical exam but
will ask questions relative to medical
history. |
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Convenience:
Temporary policies can be found that will
last as long as 36 months but most currently
only offer it for up to 12 months. However,
with easy payment options, one month increments,
low premiums, no medical exams and a short
application, temporary health insurance
is one of the simplest and most effective
ways to provide a solid safety net in
the event of a medical emergency. |
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Of course, there are some drawbacks to
temporary health insurance policies. Namely, one
does need to be healthy because those with pre-existing
conditions are not eligible for temporary policies.
While the exact definition of the term varies,
a pre-existing condition is typically defined
as any condition or symptom that has been diagnosed
or been present during the 36 month period prior
to the policy application date. |
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In addition to not covering pre-existing conditions,
most temporary health insurance plans do not allow
for regular doctor visits, check-ups, or preventative
screenings. Plus, with a limited window of opportunity
in which to have temporary health insurance, there
is always the need to find a more permanent solution
in the near future. However, with a fast application
process, high coverage amounts, and low premiums,
temporary health insurance should always be considered
an option when funds are limited and you are healthy.
In these times, the cost of not being covered
are simply too high to risk not having any safety
net. |
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