Temporary Health Insurance Plans
Temporary, or short-term health insurance, is generally any type of health insurance policy that is taken out for fewer than six months. Short-term health insurance provides the benefits of many long-term health insurance policies, but is especially helpful for individuals in career transitions, the temporarily unemployed, freelancers, part-time workers, or individuals who are attending school or on temporary leave from work. It is also more affordable than many health insurance types.
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Temporary health insurance coverage is growing in popularity because more and more individuals are working part-time jobs, are in between jobs, or freelancing. Major insurance carriers offer such temporary insurance plans, including Blue Cross short-term insurance, and Fortis short-term health insurance. In order to find the cheapest short-term insurance rates, it’s best to compare temporary policies by obtaining quotes from each provider.
COBRA Temporary Health Insurance
If you recently lost your job or are between jobs, you may have the option of continued coverage through COBRA. The provisions of COBRA allow you to continue the plan of your previous employer for a temporary period at the same premium offered to your employer. However, many who see COBRA premiums after leaving a job experience sticker shock, because the employer passes on the cost of their contribution to your health insurance plan after you leave your job.
A temporary health insurance plan’s rates are often cheaper than COBRA coverage, and it’s often best to look into a variety of quotes and compare them with your COBRA premium.
Medical Underwriting for Temporary Health Insurance
Pre-existing Conditions: Any existing medical conditions you have may not be covered by a temporary health insurance plan. Short term health insurance, because of its temporary nature, will exclude many medical conditions that you disclose in your underwriting.
Exclusionary Riders: Once you complete the underwriting process, the insurance company offering you temporary health insurance may attach an exclusionary rider, which excludes any pre-existing conditions from coverage. You should be aware of these exclusionary riders if any exist and be aware that your temporary health insurance coverage will not cover these medical conditions.
HIPAA and Medical Underwriting: The Health Insurance Portability and Accountability Act allows you to continue coverage after short-term COBRA insurance and excludes providers from denying you coverage based on your past medical history or pre-existing conditions. However, HIPAA legislation does not provide this protection for temporary plans, so you will need long-term insurance coverage in order to continue your policy without exclusionary riders or denial based on pre-existing conditions.