A short term insurance plan is one that covers you for illnesses or accidents up to a twelve-month period. This insurance cover is becoming quite popular with people today.
Some of the people who benefit a lot from short term insurance plans are self-employed people, students no longer covered by their parents’ insurance policy, those who have recently lost their jobs and seasonal workers looking for an affordable cover. It is important that you talk to an expert on short term health insurance plans before you decide on which one to go for so as to avoid going for one that will not be of help to you. A short term plan is important because it will buy you the time you need until you are able to afford a long-term insurance cover. In this article, we will be looking at some of the benefits of short-term health insurance.
The first benefit of short-term health insurance is that it is flexible. This means that you can enroll for a cover at any time of the year unlike is the case with long term covers. You therefore don’t have to worry about getting quality healthcare if you forget to get a long-term cover when enrollment is open.
The premiums you pay for short term health insurance covers are also lower than those you will have to pay for long term covers. This means that you can afford it even when you do not have consistent income coming in. Unlike in long term health insurance where premiums are on the rise each year, you pay a constant monthly amount every month with short term health insurance covers and have high chances of paying the same amount even the following year should you choose to enroll again.
You do not have to worry about commitment with short term health insurance. If you are able to find or afford a better cover and want to discontinue your current one, you can do so and not have to worry about anything if the cover you have is a short term one. It is important to note that you stand to pay a financial penalty if you decide to cancel a long-term health insurance cover. It is advisable to maintain your short-term insurance cover until you are absolutely sure that your new cover will step in in case anything goes wrong.
Another advantage of working with a short-term health insurance plan is that you are not restricted to any area in particular. This means that you can access healthcare in any part of the country and your insurance company will cover the costs. It is however important to seek clarification on this because each insurance company has different terms and conditions. The future is uncertain and you should be ready for any eventualities that could occur.