Short term health insurance, popularly known as STM plans are used when an individual has a temporary gap in insurance coverage. Perhaps he/she lost a job, is no longer eligible for a group insurance plan, discovered the expense of COBRA plans too expensive, or may not qualify for special enrollment in an Affordable Care Act (ACA)-compliant plan and should wait until the next open enrollment period.
Most people consider and rely on short-term health insurance as they think it is a cheaper option compared to an ACA marketplace plan. But a problem with STM plans is their numerous restrictions & exclusions; they may not cover necessary benefits, or have restrictive maximum limitations, high co-pays or deductibles, or no coverage for pre-existing conditions.
With various restrictions and differences among plans, it is vital to be cautious when you purchase an STM policy. One should clearly understand what is covered, what is not, and the total time period plan will cover you.
In this blog, we talk about the best short term health insurance. Stick till the end to decide if you should consider STM policies, and which one will best fit your requirements.
Top 5 Short Term Health Insurance Of 2020:
Everest has been considered underwriting insurance since 1973. It has a Moody’s insurance financial strength rating of A1 with numerous policy types on the market, such as property, casualty, specialty, accident, and health insurance. Everest offers policies in 25 states across the United States.
Talking about Everest’s short-term health insurance plans, the prices range from $106 per month up to $191 monthly when a 27-year-old female, non-smoker in good health is quoted. These quotes consist of a wellness benefit to take care of preventative medicine.
Also Read: Everything about Blue Cross Blue Shield
Following are some extra features of Everest STM:
- Deductibles of $1,000, $2,500, $5,000, $7,500, or $10,000
- Out-of-pocket maximums of $2,000, $3,000, or up to $4,000
- Maximum coverage benefits from $250,000 to $1,500,000
- Coinsurance options are 50/50, 70/30, 80/20, or 100/0 with copays of $30, $40, or $50
When a person gets approved, emergency coverage starts the very next day. Also, there is a 5-day waiting period for the routine wellness benefit. Additionally, there is a 30-day waiting period for cancer benefits (cancer should be newly diagnosed 30 days after plan start date), and a six-month waiting period for certain covered services, including tonsillectomy, herniorrhaphy, and more. Everest may not provide coverage for prescriptions but it does offer discount cards.
IHC Health Group
The IHC Group is a company of insurance carriers that is operated in 23 states and including member insurers including Standard Security Life, Madison National, and Independence American Insurance Company.
Your policy may be serviced by one of the aforementioned firms based on where you live, and some states need membership in Communicating for America, a national non-profit organization with a mission to promote health & wellbeing through member benefits.
UnitedHealthcare underwrites its policies via Golden Rule Insurance Company, which has been a part of UnitedHealthcare since 2003. It has been selling short-term health insurance for more than 30 years, and policies are available in a total of 19 states. UnitedHealthcare has Moody’s insurer financial strength with a rate of A1.
Waiting periods differ based on the coverage in the plan. Coverage for illness starts on the 6th day after the plan starts, and there’s also a six-month waiting period for preventive care benefits.
Also Read: Best Medicare Advantage Plans For 2020
LifeShield National Insurance Co. is a well-known name since 1982. It provides group & individual health insurance nationwide.
Plan coverage offers mental health professional visits that consist of counseling, psychiatric treatment, and mental illness diagnostics. They also cover for the treatment of alcohol and drug abuse except in the states of Georgia & South Dakota.
LifeShield offers the most robust options for mental health coverage with a few substance abuse coverage along with plans that cover preventative care.
Pivot Health has been in the market since 2016. It is handling more than $7 billion in insurance premiums. The company is affiliated with Communicating for America, a consumer advocacy group in favor of affordable healthcare for Americans.
Pivot Health underwrites its short-term health plans via Companion Life Insurance Company.
Pivot Health has easy-to-use online tools, which help individuals to prioritize their insurance requirements before it gives them quotes. Besides, it even provides users a wide range of available features, including 70 percent off prescription drugs.
Also Read: Top 5 Medicare Plans of 2020
With Pivot, you can actually acquire a vast selection of affordable basic coverages as well as valuable options.
So, will you consider STM policies? If yes, then which aforementioned plan goes well with your needs?