• Other out-of-pocket expenses: If your short-term plan does not cover some healthcare services, you may end up paying the full amount. Some short-term plans, for example, may not cover or limit your coverage for maternity care, mental health or substance abuse services, vision care, or dental care—these are expenditures you’d have to pay for yourself if you received any services.
Other fees may apply depending on the type of coverage you purchase. Before making a decision, thoroughly read all plan details so that you are aware of how much your plan may cost you.
What are the benefits and drawbacks of short-term health insurance?
If you’re debating whether a short-term health insurance plan is best for you, consider the following pros and cons:
Pros:
• Designed to bridge short-term gaps in coverage if needed;
• You can stop coverage whenever you choose without penalty;
• You can normally choose a plan that covers you for up to a year if needed; and
• Many alternative plan designs are available, depending on the insurance carrier.
Cons:
• Significantly higher deductibles than standard health plans, with additional potential unplanned expenditures
• No coverage for pre-existing diseases and restricted coverage for the majority of services
• A medical questionnaire may be necessary in order to be certified for coverage.
• Because coverage is not mandatory or standard, plans vary widely in terms of covered treatments and pricing, with little government control.
Short-term health insurance does not suit everyone. Enroll in a standard health plan for full coverage and perks. This is either a plan provided by your employer or one purchased independently through an individual insurance company.