Before you sign on the dotted line, know what you are in for when it comes to short-term health insurance. It may be a seductive option when you begin to explore it, but when you begin to dig in and get a flavor for what it will taste like, you may be a little surprised. Number 5 may shock you!
1. NO Guarantees…
Did you know? When applying for short-term health insurance, acceptance is not guaranteed. That means, there is a possibility that you could be turned down.
2. Got pre-existing conditions? Know this…
Short-term health insurance does NOT cover pre-existing conditions. That means if you have already been diagnosed with something like cancer, multiple sclerosis, diabetes, or, you are pregnant before you sign up for short-term medical insurance, your condition will not be covered.
3. Caps on procedures
Congrats! You signed up for short-term health insurance and it’s just in time for your routine colonoscopy. Imagine going to the hospital for the colonoscopy and when you are discharged you are slapped with a bill that you didn’t expect. How could that be? You were covered, weren’t you? Not necessarily. If the procedure cost above and beyond the cap put in place, you could be footing the bill.
4. Caps on tests and lab work
Just as with the procedure scenario mentioned above, the same thing can happen with tests and lab work. If you are participating in short-term health insurance, know what will be covered when it comes to tests and lab work.
5. Annual cap of policy payout
Read the fine print of any policy before you sign. Understand what the policy caps are. You may be surprised just how much or little your policy will payout each year.
6. Not guaranteed renewable
Did you know? Come the end of the year and when it is time to renew, it is not guaranteed that the short-term health insurance provider you selected will renew your policy.
7. Limits on Doctor visits
Another fine print detail to search out when considering short-term health insurance is how many times will you have a co-pay to see the doctor? There are limits or caps put in place when it comes to co-pays for doctor visits.
8. Per day limits on hospitalization
Another surprise you may not be expecting with a short-term health insurance is the amount of days they cover for a hospital stay. Should you need hospitalization while covered under the plan, you may want to investigate if there are any limits on how many overnight stays you can have when in the care of a hospital or how much they pay per day.
9. Can have high deductibles
Another area to consider before electing for short-term health insurance is the deductible cost. Short-term health insurance can have higher than average deductibles.
When considering short-term health insurance, take the time to really understand what the plan is saying, what it is covering, how much it is covering and what payment responsibilities you will have or could potentially have should you need medical care and treatment.
Do you need help making an informed decision? I am happy to help! Schedule a FREE consultation with me by calling: (813) 391-3448