Is Short Term Medical Insurance Right For You?
In today's uncertain times, unemployment has risen to an all-time high because of the embattled economies across the globe.
If you've been caught in the cross-hairs in this environment of change, and are perhaps struggling to make ends meet, one thing that you can do without is an unforeseen medical expenses that can drain you of what little funds you currently have.
If you are currently in between jobs, or have been newly hired and don't have medical insurance yet, one thing you might consider is getting a short term medical insurance that will enable you to protect you and your family against unforeseen medical emergencies.
Work Within Your Budget Turning to a short term insurance plan will enable you stay within your budget and offer you options that will allow you to be covered without incurring the extra cost.
Depending in what kind of plan you opt for, you will generally have the power to decide what your deductible and co-insurance rates are, allowing you to keep your up-front costs at a minimum by setting higher deductibles and co-pays as well.
Tweak Your Policy Another advantage that having a short term medical insurance gives you is that you are afforded the ability to adjust your term of coverage in order to suit your needs.
For example, you can set the period of your coverage for as little as 30 days, to as high as 360 days before you need to renew.
You can similarly decide how much coverage you want or need, rather than be stuck with too much coverage that you won't really use, making it a waste of your money in the long run.
Consider the Downsides While your typical medical insurance covers (some fully, others partially) non-emergency doctor's consultation fees, as well as some optional surgical procedures, if you're on a short term medical insurance policy, you will have to pay for them in full, as are ob-gyn consults and other maternity-related concerns.
Also, if you currently have a medical condition that requires you to take costly prescription drugs, these also fall outside the scope of coverage that any short term policy has.
Similarly, any condition classified as pre-existing won't be covered as well, and the "look back" period for any developing issues can go as far back as 36 months.
So Is It Right for You? Easily attainable and affordable, opting for short term medical insurance will work best for you if you are in a transitory phase but don't feel comfortable in leaving you and your family unprotected.
You'll find that peace of mind can be had, but without the exorbitant costs.
If you've been caught in the cross-hairs in this environment of change, and are perhaps struggling to make ends meet, one thing that you can do without is an unforeseen medical expenses that can drain you of what little funds you currently have.
If you are currently in between jobs, or have been newly hired and don't have medical insurance yet, one thing you might consider is getting a short term medical insurance that will enable you to protect you and your family against unforeseen medical emergencies.
Work Within Your Budget Turning to a short term insurance plan will enable you stay within your budget and offer you options that will allow you to be covered without incurring the extra cost.
Depending in what kind of plan you opt for, you will generally have the power to decide what your deductible and co-insurance rates are, allowing you to keep your up-front costs at a minimum by setting higher deductibles and co-pays as well.
Tweak Your Policy Another advantage that having a short term medical insurance gives you is that you are afforded the ability to adjust your term of coverage in order to suit your needs.
For example, you can set the period of your coverage for as little as 30 days, to as high as 360 days before you need to renew.
You can similarly decide how much coverage you want or need, rather than be stuck with too much coverage that you won't really use, making it a waste of your money in the long run.
Consider the Downsides While your typical medical insurance covers (some fully, others partially) non-emergency doctor's consultation fees, as well as some optional surgical procedures, if you're on a short term medical insurance policy, you will have to pay for them in full, as are ob-gyn consults and other maternity-related concerns.
Also, if you currently have a medical condition that requires you to take costly prescription drugs, these also fall outside the scope of coverage that any short term policy has.
Similarly, any condition classified as pre-existing won't be covered as well, and the "look back" period for any developing issues can go as far back as 36 months.
So Is It Right for You? Easily attainable and affordable, opting for short term medical insurance will work best for you if you are in a transitory phase but don't feel comfortable in leaving you and your family unprotected.
You'll find that peace of mind can be had, but without the exorbitant costs.
