Advantages and Disadvantages of Short Term Insurance Plans
Short term health care insurance policies are becoming more popular by the day due to its flexibility as well as affordability. Many low-income households have no choices other than opt for these short term insurance plans especially when long term plans are not affordable. Although these temporary plans have their own set of limitations, these drawbacks are shadowed by several advantages that are offered by these flexible packages that make them extremely attractive, especially for those who can only afford low income health insurances.
What exactly are the disadvantages of short term health care coverage? Well, for one, it is extremely easy to obtain as application processes do not consume time, you could probably obtain approval within a day of applying. This makes the application process simple, thus many flock to health insurance companies get these packages. Another primary advantage is the low premiums, this would be especially attractive for those who cannot afford comprehensive health insurance plans. Temporary health care insurance plans also work perfectly for travellers who require insurance in the country of travel during vacations or excursions, as well as people who are between jobs or freshmen out of college. The flexibility of these plans allows you to choose how long you want to be covered, and lets you determine how much you want to pay for your premium (would reflect on the extent of coverage that you receive).
Nevertheless, these plans do come with their drawbacks as well. With these health care insurance packages, renewals are not guaranteed, thus once your policy expires, you would have to re-apply and hope to obtain approval once again. This could prove to be a little troublesome, as durations of the policy are normally between 30 and 360 days only. Short term health coverage also does not include optical, dental nor medical check ups, thus you might incur extra expenditure if you need medical attention on these.
As a conclusion, short term health insurance plans work well for those who are in a financial transition period, or needs insurance during travelling. If the limitations of these plans do not deter you, then you would be happy with what temporary health care insurance plans can offer for your benefit.