Short Term Health Insurance is coverage that provides temporary health care insurance during unexpected coverage gaps. Short term health insurance does not meet the standards for minimum essential coverage requirements of the Affordable Care Act (ACA).

    Key Benefits of Short Term Health Insurance

  • Flexible coverage options from 30-90 days
  • More affordable premiums than Obamacare
  • Easy application process
  • Variety of deductible options for every budget
  • Refund on unused premium – cancel at any time

Short Term Health Insurance

Fast health care coverage Outside of Obamacare’s marketplace


The average cost of an emergency room visit is more than $2,000 and visiting a doctor without insurance will run you about $200 or more, depending on where you live. If you don’t have health insurance, you may be stuck with medical debt that takes years to pay off. Short term health insurance, also known as ‘temporary health insurance’ or ‘term health insurance’ provides short term coverage for your health care needs. If you’re living without health insurance and worried about what might happen if you got sick or ended up in the emergency room, a short term health insurance plan could be exactly what you need to prevent excessively high medical bills. Many companies now offer simplified issue plans where you can get coverage without a medical exam.

    Do I really need Short Term Health Insurance?

    Short Term Health Insurance plans make sense if you are:

  • Under 65 years of age and in generally good health
  • In between jobs and don’t have health insurance
  • Living without health insurance because it’s too expensive
  • Outside the Open Enrollment period without health insurance
  • Waiting for benefits from a new job
  • Being dropped from your parent’s health insurance plan
  • In need of immediate coverage
  • In a position where you only need 30 to 90 days of coverage

Understanding Health Care Costs

With Short Term Medical Plans


Curious about the cost of short term medical plans? Generally speaking, the cost of short term health insurance premiums can cost less than half the cost of Obamacare premiums. This is because short term medical plans do not provide comprehensive coverage. In addition to your monthly premium, you will need to pay: copays and coinsurance.

Understanding short term medical plan costs.

Copays

The amount your insurance company requires to be paid by the insured for specified goods or services.

Coinsurance

The percentage of costs of a covered health care service you pay after you’ve paid your deductible. Unlike Obamacare plans, you will also be responsible for paying coinsurance up to your out-of-pocket maximum with your plan. You will still have to meet your deductible before the insurance company will pay anything. For example, let’s say you need $3,000 of medical services and your deductible is $2,000. The insurance company will pay a percentage of the $1,000 in expenses after your deductible was met. If they pay 80% your coinsurance payment would be $200. Even with coinsurance, your health care expenses are still typically much lower than the Obamacare deductible.

Why Choose Short Term Medical Plans when there’s Obamacare?


Obamacare plans provide comprehensive coverage which is why they are often called major medical plans. These plans will pay for almost all of your healthcare expenses after your deductible is met and you can choose from several different plans with different premiums and deductibles.

Your monthly Obamacare monthly premium runs anywhere from $257 to $900+. If you choose a plan with the lowest premium, your deductible will be at least $7,150 per individual ($14,300 for a family). This means you will need to pay $7,150 before your health insurance company will take care of all other healthcare expenses you incur. If you don’t have that much money available to you, it may be time to explore alternatives to Obamacare. Short term health insurance is one option.

Just remember: Short term health insurance plans are not ACA-compliant so you will still be paying the ACA penalty. However, in some cases, the cost of short term health insurance premiums plus the penalty is still lower than the cost of Obamacare premiums. You need to decide what type of coverage you are most comfortable with.

You could be saving hundreds, even thousands of dollars on medical expenses with a short term medical plan.

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