Cheap healthcare coverage for a limited period of time is very easy to apply for. Ohio short-term insurance plans offer low-cost medical benefits that can be instantly approved online. Do you need to obtain a policy immediately? Temporary coverage is a great solution and can last as long as 12 months. Rates are as low as $1 per day for younger applicants.
If you are a recent high school or college graduate that is no longer covered under a parent”s policy, then this type of policy will bridge the gaps you need. Also, if you are employed part-time or between jobs, laid off, on strike, or waiting for your permanent insurance to begin, your need for benefits is not permanent. Since you can terminate benefits at any time, the flexibility allows you to quickly apply or cancel a policy.
Missed Open Enrollment?
Missing Open Enrollment (OE) is a new occurrence that was not a concern prior to 2014. However, once OE ends, unless you qualify for a “Special Open Enrollment Period” (SEP), you will not be allowed to buy qualified coverage until the end of the calendar year. However, an interim plan will provide needed benefits until you can enroll for a guaranteed-issue policy.
Although cheap, these types of policies do not contain many of the Obamacare-required benefits that have become mandatory on all newly-issued policies. Pregnancy, mental health and children’s dental are not included, which subjects the plan to a 2% household income tax. However, the low pricing easily offsets the penalty.
Since the OE period typically last only 60-120 days (depending on extensions), it’s very easy to forget about the deadline, procrastinate, or simply not have the needed funds to purchase a Marketplace policy. Covering the illnesses and diseases with the most expensive potential is important, and your short-term contract will allow you to take care of that risk.
* Coverage is designed to be effective for a limited period of time…usually between 1 and 12 months. Once the policy ends, you may be asked to “re-qualify” for additional coverage. This will consist of a few medical questions. You can renew a policy once, and then will have to select a different carrier when that policy renews. Each company offers different available monthly maximums.
* Rates are very low. In most cases, monthly prices will be 25%-65% less than a conventional plan. Individuals often pay less than $60 per month while family rates can be less than $150 per month. Of course, age is a factor. Discounts are available for non-smokers and many counties.
Height and weight are often not a factor. You can still be approved with pre-existing conditions. For example, if you took regular medication for allergies, acid reflux and arthritis, more than likely, you will be approved.
* Major medical claims, unexpected illnesses and accidents are generally covered. With some companies, a rider can be added to include office visits and prescriptions. Often, there is more than one policy choice, so you can compare and choose the most appropriate option.
UnitedHealthcare offers three different policies with varying degrees of benefits. A copay for primary-care physician visits is included on their “copay” plan. HII ( a smaller company) offers various riders that can be added to reduce out-of-pocket costs. Anthem, Humana and Medical Mutual offer these types of plans.
* The underwriting process is quick…In most cases, a policy is issued within 24 hours. Sometimes, a provisional policy is approved within an hour. You can also start your policy on any day of the month, instead of having to wait for the 1st or 15th. Applications are submitted online and the process is very streamlined. A certificate verifying coverage can be quickly emailed or faxed to you. Just ask us!
* Billing options are flexible…ranging from monthly to annual payments. If you pay annual and cancel the policy, you will still be entitled to the unused portion of your premium. Often, you can use a credit card to pay the initial premium. But since most credit card companies charge fees, you are discouraged from using the credit card for ongoing payments.
Get Ready For Medicare
A very common utilization of short-term (ST) plans is the covering the gap between termination of a group plan and becoming eligible for Medicare. Once you reach age 65, Medicare benefits can begin (along with Part D Prescriptions). There is a 6-month window which allows you to obtain a policy without showing proof of eligibility. During this “special period,” you can take extra time to compare different Medigap contracts from multiple carriers, along with Medicare Advantage plans that typically feature lower premiums.
However, often when you retire, there may be a period of time (less than a year) where you are without benefits. This interlude can be filled by ST contracts, although the limitations listed below must be thoroughly considered. You also should avoid a lapse, which can potentially make it more difficult to secure a new policy, especially if you have a chronic illness or take multiple medications. Often, utilizing your “Special Enrollment Period” will allow you to take advantage of federal subsidies and qualify for a more comprehensive policy.
If you are eligible for COBRA or an ACA tax subsidy-provided Marketplace contract, limited time frame contracts may not be the best solution for your needs. You may also become ineligible for benefits, which could be harmful if an employer (or ex-employer) is paying most or all of your premiums. Also, if you are offered a policy through work, do not duplicate coverage.
If you have pre-existing conditions, are receiving treatment for an injury, are contemplating surgery, or want cosmetic treatment, it may not be covered. Although most inpatient and outpatient expenses are specifically named in the policy, there are various limitations and exclusions that help keep the cost of the policy low.
These will also include medications you are taking, or scheduled diagnostic testing for a recently-completed surgery. If these situations apply to you, please advise us in advance, so we can research and recommend a more suitable option.
UnitedHealthcare, Humana and HII offer the most competitive short-term Ohio health insurance plans. Medical Mutual and Anthem also offer this type of coverage, although throughout most parts of the state, their rates are higher for temporary plans. Keeping a policy for one month vs. 3-12 months may impact the premium you pay.
However, you can always discontinue a policy at any time, regardless how long ago you purchased coverage. It is best to be certain you have secured another policy before you terminate coverage. We can help you file the paperwork to end coverage or enroll in a new policy.
We realize that many plans appear similar and coverages can be very confusing. Please don”t hesitate to call us for help at (888) 513 6446. You can also apply for coverage directly online by clicking on the “Get Free Quotes” box at the top of the page. Even after you apply online, we”re still available to assist you.