As many of us may know, there will undoubtedly be periods in our lifetime where we are medically uninsured and unprotected from catastrophic medical events.  Such an occurrence could be as simple as graduating from college and getting dropped off of your parents plan, or being in between jobs waiting to get one that offers benefits.  As a result, today many people are turning to short term health insurance policies to provide coverage during this lapse.  Short term coverage can be purchased anywhere from 1-6 months at a time.  But as with any form of coverage, it is important to understand the advantages and disadvantages of a particular plan.

So what are the advantages of having a short term health insurance policy?

• A major advantage of a short term policy is the ease of which it can be acquired.  Unlike long term health insurance coverage, the underwriting process is not as meticulous.  As a result, you are able to get coverage started typically in a couple days as oppose to the average two weeks of enrollment with a long term policy.

• If you have a short term policy with an “A” rated carrier, you will have access to huge network of doctors and hospitals.  This access is much greater than any discount plan.

• Monthly premiums are typically lower than with a long term health insurance policy.  This is because short-term insurance is really there to protect you from a catastrophic event.  So most of the time preventive care services are not offered or very limited.

What are the disadvantages of having a short term health insurance policy?

• Often coverage for pre-existing conditions is limited or obsolete.

• The BIGGEST problem with short term insurance is the fact that you cannot own it for life, and essentially are dropped after you have exhausted the period coverage.  This can be very dangerous.  Heaven forbid you acquired a preexisting condition during your period of coverage with a short-term plan, that condition may exclude you from finding coverage once your short term plan runs out.  And as a result, unless you have a group plan available, you could be stuck with hundreds of thousands in medical bills.  Not only would you be facing financial ruin, but you would be unable to get the health care you need.

At MyInsuranceExpert.com, our Advisors understand the importance of owning your own plan, and helping you find protection for life and not just a couple months.  The thing people don’t know about long term individual health insurance plans is the fact that you are not contractually bound to it, and you can drop it at anytime without any fees or penalties.  This becomes extremely beneficial if your job search takes longer than expected or if there is a wait period for enrollment into a group plan. Furthermore, an insurance company can never drop you from coverage as long as you continue to pay your monthly premium.

To learn more about what option is best for you, speak with an experienced Advisor at MyInsuranceExpert.com on short term health insurance.