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4 Vital
Tips
for Short-Term Health
Insurance Here are tips and
suggestions intended to help you identify the right choice
for your situation. When applicable, these tips could be of vital importance
to you.
| 1. Retain Your Option To Extend
Coverage. |
Short-Term
Health Insurance covers you for a limited period of time.
In most cases, when your policy period ends, your coverage
ends as well, including coverage for
any possible ongoing medical claim.
Unless you are 100% certain of having full "take-over" health insurance
on a future date, we recommend that you own
Short-Term
Health Insurance on a month to month basis, rather than for
a fixed-term (single payment).
For
example, suppose you purchased Short-Term
Health Insurance
for exactly 60 days by single payment. On the
59th day of your coverage, suppose you fall and suffer injuries that
will require ongoing
medical treatment for several months. Your Short-Term insurance might cover your initial treatment on the 59th day.*
At the end
of the 60th day however, your insurance coverage ends and all
future
medical care and treatment after that date would not be covered.
Consider that health insurance is primarily for the BIG
expenses, which usually amass over a period of weeks or months.
Fixed-term (single-payment) health insurance costs less, but
your risk is great. If you want to save money, consider electing a higher plan deductible
(see additional tips).
Payment Flexibility: The
*Secure
STM Short-Term Health Insurance plan offers the most
flexible month-to-month payment
options in the industry. You may change your
payment method at any time. You may cancel at the end of any month.
* Insurance is subject to deductible, co-insurance, policy limitations and
exclusions.
* Insured by Standard
Security Life Insurance Company of New York, rated A
"Excellent" for financial condition by A.M. Best.
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| 2. A COBRA
Alternative . . . But Not Always! |
|
Be careful when considering
Short-Term
Health Insurance as a COBRA alternative.
When people leave their jobs, they are often shocked at
the high cost of maintaining their group health insurance under COBRA.
Due to this fact, some short-term insurance plans promote themselves as an
"affordable alternative to COBRA."
But while COBRA will normally continue to cover "pre-existing" medical conditions,
short-term health insurance
will not.
If you are considering using short-term health insurance in
place of COBRA, be sure that you understand all limitations and
exclusions of this insurance - especially the exclusion for "pre-existing conditions."
The definition of a "pre-existing condition" varies by state, but in
general, these plans exclude conditions that have been diagnosed
or treated within the previous 3 to 5 years.
Summary: Employer-sponsored
insurance can usually be extended under a government-regulated option called
COBRA.
If you have a pre- existing
medical condition, check to see if extending your current group
insurance is an option.
Suggestion: If you
haven't had one recently, then prior to leaving your job, it is usually
a good idea to have a routine physical exam (possibly paid for by your
group insurance plan). Then if you elect to purchase Short-Term Health
Insurance in lieu of COBRA, you will have a recent medical exam documenting
your good health. This could be very
helpful in the event of a medical claim later. Also, a recent physical
exam might be required when applying for "permanent" or
annually-renewable individual health insurance. This is especially true for people
over age 50 or 60.
(Note: The Dental
Plan and the
RX
Co-Pay Plan are not insurance. There are no exclusions for "pre-existing conditions" on these plans.)
|
| 3. Attention
Employers: Don't Make This Mistake! |
| Never purchase or in any manner pay the premium for
Short-Term
Health Insurance on behalf of an
employee. If an employer pays for Short-Term Health
Insurance on behalf of an employee,
then that insurance could be considered as "group
insurance" under both Federal and State law. However, Short-Term
Health Insurance contains limitations and
exclusions that are not
common in true group insurance. In the event of a major claim by the employee, the
employer could potentially be held liable for any short-fall between
short-term insurance reimbursement (if any) and what would
normally have been paid
under an employer's group insurance.
Today, most insurance companies with not accept payment
of premium by company check or company credit card. This is for the protection
of the company. However, we have seen
cases where a company check or credit card has been accepted by mistake.
So be aware of why only individuals, not companies, should pay for this type of insurance.
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| 4.
Don't Use Short-Term As A Low-Cost Substitute. |
Short-Term
Health insurance costs much less than "permanent"
or annual-renewable health insurance. In some cases, the cost is
about 1/2, or even less. Because of the lower cost, many
people are tempted to save money by keeping Short-Term
health insurance for a longer period of time than necessary.
Short-Term
Health Insurance is for sudden and unexpected injury or
illness. It is not intended as a low-cost alternative to "permanent"
or annual-renewable major medical insurance. It is not renewable
and it lacks many of the benefits found in annual-renewable insurance.
If you are not able to qualify for
regular, annual-renewable health insurance, then you might
consider the
Intermediate-Term
Health Insurance plan
instead. While not the "perfect" solution, this type
of plan contains very few health questions and can provide up to
3 years of continuous coverage. (Note: pre-existing conditions
are not covered.)
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Us, or
call us USA toll-free: 1-888-227-9449. |
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