Short Term Medical Is Better Than You Think, & Better For You Than You Realize
What Is a Short Term Medical Insurance Policy?
Short Term Medical is insurance designed to fit into the unpredictable moments you may have in your life. We all have events and life changes that we cannot predict, and a lot of the reason for Short Term Medical, is so that you never have to put yourself or your family at risk for unnecessary hardships by being exposed to medical bills if anything were to happen to you. Short term is also sometimes called “GAP INSURANCE”, which is obviously designed to fill in the gaps in your insurance coverage. This absolutely necessary and vital service is available to all, but favors those that are healthier, which I will touch on in a minute.
Short Term Medical can be used in a variety of situations. Below are some examples of reason you may consider Short Term Medical.
You Missed Open Enrollment & Don’t Have A Qualifying Life Event
Open Enrollment is between November 1 – December 15th ONLY… which means during that short 6 week period, anyone can enroll in a Marketplace plan. If you do not enroll in a plan during that timeframe, then you will need to qualify using a Special Enrollment Period (SEP). Without the SEP, you cannot get any healthcare plan with the marketplace. Your only other options at that point are to go get a corporate job that has group insurance, drastically decrease your income so that Medicaid takes you… or get a Short Term Medical insurance plan to “fill in the gap” in your coverage until the next Open Enrollment! (We have a few more tricks up our sleeves, but nothing guaranteed… we’ll make another blog post soon about our other strategies!)
You Have A Dr. Appt Tomorrow, & Need Insurance ASAP Just In Case They Find Something
See how that works? STM plans can be lifesavers for a lot of people. I get calls from people that go to their Primary Care Dr. for a regular checkup, and just pay out of pocket for the visit because they didn’t have insurance, and thought: “this is just a regular checkup, I’ll be find, I don’t need insurance right now”. Then, all of a sudden, the doctor runs a test and gets concerned about something in your blood – he orders some specialty tests, schedules you to see a specialist, and the specialist finds some rare disease that is starting to creep its way into your life. Now you’re labeled, diagnosed, and stuck with a hefty medical bill for all the tests run. Want to protect yourself before that doctor appt just in case??? Get a Short Term Medical plan! They take 10-15 min to set up only, and you’d have insurance cards in your hands by the end of the phone call. Easy peasy.
You Just Lost Your Job & the New One Doesn’t Start for 3 to 6+ Months
Uh oh… your company plan is ending at the end of this month and you still don’t have something set up because you’ve been frantically trying to find another job and health insurance was the LAST THING on your mind… (understandable!). Trying to find a new job is tough, and it usually sucks for everyone. But… not having insurance until the new job starts sucks even more when you notice a weird lump on your butt, and go to have it checked out and you have some cancerous growth that need excised and the doc says it’s going to cost $6,000 for the surgery. OUCH!!!! You can’t afford that while living off savings! The solution could be found in Short Term Medical.
Now doesn’t Obamacare let you sign up for health insurance if you lose your employer’s health coverage? Yes… but not forever! You only have 60 calendar days from the last day you had coverage at your previous employer. And… with all those job searches and resume padding, and side jobs just to get by, you have forgotten to get insurance in time. This is where STM (Short Term Medical) could save your skin.
You Are Just Turning 26 and Being Kicked Off Your Parent’s Insurance
When you turn 26, Mom & Dad have no choice but to kick you off their plan. That means, that you must get your own insurance under your name no matter what by now, and start paying for it yourself. If you find yourself in this situation, then you probably don’t know much about insurance at all, and it’s all confusing and Greek to you. When you talk to me, you will find that I will evaluate whether or not we should get you on Obamacare, or get you on an STM plan. The decision I take will vary depending on your needs and situation. You will qualify for Obamacare for 60 days after you turn 26… and I may choose to put you on one of those plans if I can… but not always. If you’re healthy, I may just put you on an STM plan that’s more affordable, and you won’t be paying for things on your insurance plan that you probably won’t use. W=I will talk about this in a second.
You Are Healthy And Have No Pre-Existing Conditions
Healthy or not, you can get on to Obamacare. As most of you know though, even if you’re healthy, you don’t get a discount, or a “thank you” from the government for being healthy. There’s no discount program with Obamacare that lowers your premium due to the fact that you are not putting a strain on the healthcare facilities with all your sicknesses, and injuries, and trips to the Emergency Room…! So the person that exercises every day and eats right, pays the same amount for their insurance as the person who’s dying from 13 different conditions and in the hospital 6-7 times in a week. Why would you want that? You shouldn’t! And guess what? There IS an alternative!
Everyone’s Situation Is Different
Obamacare gives people the ability to have their pre-existing conditions covered, mental illness needs covered, their very expensive medications covered, and pregnancy/delivery covered! But, if none of that stuff applies to you, then why should you be paying for it with the higher premiums on the Marketplace?! Short Term Medical is a great alternative for healthy people, because they don’t need any of that, and all of that stuff is naturally excluded from STM plans already. This allows you to start already at a much lower premium out there, and then only include certain features of your policy as you need them. It’s the ultimate customization tool that exists for health insurance!
We will go over in more detail how Short Term Medical “terms” work, and how it is broken down, but briefly, it means that your deductible resets every 3 months. With the advantage of enrolling in a very low deductible on STM plans, it can still beat out the financial risk involved with much more expensive plans with very high deductibles and max out of pockets.
Raise Any Eyebrows?
As an insurance broker, I cannot deny the value of Short Term Medical Plans. I would NOT recommend STM plans to everyone, so if you think that’s all I want to offer think again. Some people just need Obamacare for all the great things that it offers… but if it’s right, and your situation permits it, then STM plans may save you half, if not much more of your monthly premium for sometimes even better insurance protection than other plans.
I Know What It’s Like
I am committed to serving you with the best of my ability always. Because of my own health issues with kidney disease and being on dialysis, I understand the need for good insurance – I would not SURVIVE without it! I will never give up on you, I will always search high and low until I can find an answer for your health insurance needs. Remember, even if you are not a client of mine, you are welcome to give me a call and I will answer your questions!
Nick “The Health Insurance Guy” Ferrin
Prescription Plans Now Available to All!