Short Term Health Insurance Coverage that Makes Sense for Individuals & Families
Affordable Short Term Health Insurance
Short Term Health Insurance might be a good fit for you and your family if you are healthy. If you earn too much to qualify for a government subsidy under The Affordable Care Act (ObamaCare) but can’t afford health insurance, this plan might be a good fit for you.
Missed Open Enrollment
Basic insurance plans allow you to sign up during an open enrollment period. If you miss the enrollment window, you usually have to wait until the next year to sign up. A short term health insurance plan can provide coverage for up to eleven months to prevent a lapse in care. The temporary coverage allows you to continue receiving checkups and treatment for ongoing conditions.
Long Coverage Waiting Period
Even before you have a chance to sign up for medical coverage at a new job, you must first stay employed past the probationary period. This period often spans from three to six months, which leaves you without medical care during the wait. Signing up for short-term health insurance allows you to maintain coverage within this gap. Once your new insurance plan kicks in, you can cancel the short term plan without paying a fee.
Plan To Switch Jobs Soon
If you want to switch jobs soon, you will need to establish a solid plan to maintain insurance coverage while you change course. You can sign up for short term health insurance the month before you leave your job to ensure access to medical care during this period. You can even personalize your temporary plan by selecting comparable deductible and coverage amounts.
Early Retirement Imminent
When you retire, you may be able to tap into funds to pay for an age-based health insurance plan. If you decide to retire early, however, you may not have the available funds nor qualify for the age-based insurance coverage. Thankfully, you can use short-term health insurance to bridge the gap. The short-term insurance plan will help you stay in good health while you figure out the details of your early retirement plan.
Temporary insurance plans can help eliminate stress while you figure out your long term insurance plan options. With short term coverage, you can see your doctor and stay in good health while you deal with workplace transitions.
The tax penalty will not be enforced. As of Jan. 1, 2019, that means if you don’t have health insurance in 2020, you won’t owe a tax penalty when you file your 2020 taxes in 2021.
That said, if you go without any insurance, you will be paying for healthcare out of pocket. If you can not afford health insurance because you don’t qualify for a subsidy a short term health insurance policy might be a good fit.