short-term medical q&a
What To Know When Considering Short-Term Health Insurance
January 2, 2024
Will Short-Term Health Insurance Work for Me?
Short-term health insurance is ideal for people experiencing or expecting a gap in coverage. If you need to fill a gap in health insurance, but don’t want to spend too much money on an ACA plan, short-term medical insurance may be a great fit for you.
1. How Do I Apply for the Best Short-Term Health Insurance?
A licensed health insurance agent can help you apply for the best short-term health insurance available in your area based on your needs. You will have to provide some basic information, including your name, age, and location.
2. How Do I Use My Short-Term Health Insurance Plan?
Like other health insurance plans, short-term health insurance policies describe their benefits (and how you can use them) in the summary of benefits and product brochure documents. These documents will describe how costs are shared (including deductibles, copays, and coinsurance) and which services are covered. For plans with a network, you’ll need to locate a participating doctor or facility before accessing covered care. The health insurance company you choose, as well as a licensed agent, can help you review your plan and locate providers.
3. Do Short-Term Health Insurance Plans Have Networks?
Many short-term health insurance plans include networks. This allows plans to negotiate lower service rates with providers.
4. Can I Extend My Short-Term Health Insurance Plan?
Yes. Insurance companies can allow you to extend your short-term health insurance or allow you to purchase the same plan after yours has ended. When you renew, you may have to go through the application process again. Any changes in your health status may impact your eligibility for coverage and your premium cost.
5. Can I Cancel My Short-Term Health Insurance Plan?
Yes. You can cancel a short-term health insurance plan at any time. Additionally, your plan will cancel automatically after the selected coverage period ends.
6. Will I Have To Pay the ACA Tax Penalty?
No. As of 2020, the ACA tax penalty no longer applies to people who lack minimum essential coverage. Additionally, individuals who already met coverage exemptions would not be penalized. However, some states have implemented their own state tax penalties for not having qualifying health coverage.
7. What Do I Do If I'm Declined for Short-Term Health Insurance?
If you are denied for short-term health insurance coverage, it may be due to your medical history. You may need to apply for a plan that covers pre-existing conditions. An agent can help you determine your health insurance options, including if you are eligible for a special enrollment period and/or subsidies that can lower ACA health insurance premiums.