Short Term Medical Insurance
Your Guide to Coverage Options
Short Term Medical Insurance plans have no open enrollment period restrictions, this means that you can apply at any time. Once your application has been approved, you can use your coverage as early as the NEXT DAY!
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A Short Term Health Insurance plan is much more affordable than an Affordable Care Act (ACA) plan. Since a short-term plan does not have to cap out-of-pocket costs like an ACA-compliant plan, it can be availed with higher deductibles and much lower premiums.
TOP OREGON SHORT TERM MEDICAL INSURERS:
What is a Short-Term Medical Insurance?
Short-term Insurance is for you if:
- You missed the Open Enrollment period and you’re not qualified for Special Enrollment.
- You are waiting for your ACA (Affordable Care Act / Obamacare) coverage to start or if you’re unable to apply for ACA.
- You are looking for coverage to bridge you to Medicare
- You are in between jobs and waiting for benefits to begin at your new job
- You are turning 26 and coming off your parent’s insurance
- You are healthy and under 65
Benefits of Short-Term Medical Insurance:
Quick and Easy Sign-Up Process: Unlike traditional health insurance, short term medical insurance policies are easy to obtain and can be purchased in a matter of days. You don’t have to go through a complicated sign-up process or wait for several months for your policy to take effect.
Lower Premiums: Short term medical insurance policies are often less expensive compared to traditional health insurance policies. This makes them a cost-effective option for individuals who need coverage for a short period.
Customizable Coverage: Short term medical insurance policies allow you to choose the coverage you need. You can opt for a plan that covers just hospitalization or add additional coverage for doctor visits, prescription drugs, and other medical expenses.
Flexibility: Short term medical insurance policies are designed to be flexible. You can choose the length of your coverage and renew your policy when needed.
Limitations of Short Term Medical Insurance
Always remember that every short-term health care policy must list these exclusions, so review them thoroughly.
Limited Coverage: Unlike traditional health insurance, short term medical insurance policies provide limited coverage. They do not cover pre-existing conditions, and the coverage period is usually for a maximum of 12 months.
No Guaranteed Renewal: Short term medical insurance policies are not guaranteed renewable, which means that you may not be able to renew your policy once it expires.
Exclusions: Short term medical insurance policies often have exclusions, which means that they do not cover certain medical expenses. It’s important to thoroughly read the policy’s fine print and understand what is and isn’t covered.
Short Term Medical insurance (also called Temporary health insurance) might be the best option for you! It can help fill that gap in your coverage until you have a longer-term solution. Moreover, the benefits covered by short term medical insurance are typically high deductible that can cover catastrophic visits related to emergency care. Meaning these plans may work well if you don’t require regular medical care, such as frequent visits to the doctor or costly maintenance prescriptions.
Remember: Pre-existing conditions are NOT covered and applies for all insureds, including those under the age of 19.
What happens when you reach your coverage period?
At the end of your coverage term, most insurers will allow you to re-apply for another short term health plan. These health insurance plans do not normally constitute an automatic continuation of your first plan. Apart from the fact that Oregon law limits these plans to covering people for just 90 days, it also requires a 60-day gap in coverage before a second 90-day plan may be issued
Short-term medical insurance plans are limited duration plans not subject to certain provisions of federal health care reform, including the provisions related to Essential Health Benefits, lifetime limits, preventative care, guaranteed renewability, and pre‐existing conditions. However, the good thing about short term health care coverage is that it’s more affordable than traditional health insurance.
Policies are limited by the Oregon law to a duration of no more than 3 months, including renewal periods. This means that in Oregon, new federal rules that allow for longer short-term plans do NOT apply.
FAQs on Short Term Medical Insurance
Q: Is short term medical insurance right for me?
A: Short term medical insurance may be right for you if you’re in between jobs, waiting for your employer-sponsored insurance to start, or need coverage for a short period. It’s important to understand the benefits and limitations of this type of coverage before you sign up for a policy.
Q: What is the coverage period for short term medical insurance?
A: The coverage period for short term medical insurance is usually for a maximum of 12 months.
Q: Does short term medical insurance cover pre-existing conditions?
A: No, short term medical insurance policies do not cover pre-existing conditions.
Q: Is short term medical insurance more expensive than traditional health insurance?
A: Short term medical insurance policies are often less expensive compared to traditional health insurance policies.
Need help? Call Health Plans in Oregon: 503-928-6918. Our assistance is at no cost to you.