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| Health Insurance Resign |
Short term health insurance is a good option if you resign your job.
This will cause the coverage that is provided by your employer to cease.
You may end up with a gap in health insurance coverage before a new job
is found. If you or a member of your family becomes sick or gets
injured, then the cost for medical care will be expensive. These costs
will need to be paid out-of-pocket and can deplete all your savings in a
short period of time.
Alternative to COBRA
You can obtain health insurance to plug health insurance gaps that
may be cheaper than the cost to pay for COBRA coverage. Premiums for
COBRA are often high and are often more than an average person will
receive in temporary unemployment. If you do not have extra money to pay
for COBRA coverage, then a short term solution is the best option.
Benefits of Short Term Health Insurance
Health insurance that is purchased as a short term solution is
available for a minimum of one month to a maximum of six months. The
coverage provided by your policy will cease when the policy term ends
and cannot be renewed. If you are still unemployed, then a new policy
will be needed and there may be a waiting period. Individuals that have
short term health coverage will be covered for any doctor's visit,
diagnostic tests, complications due to a pregnancy, and hospital
charges.
Purpose of Short Term Health Insurance
Policies for short term health coverage is provided for accidents and
illnesses that are unexpected. Your policy is not designed to meet the
needs that are provided by permanent health insurance. A policy does not
pay for any type of preventative care and not the best option if a
pre-existing condition exists. Most of these types of policies do not
pay for maternity care or cover individuals that are currently pregnant.
Deductible Amounts
Policies that provide short term health coverage will range from a
low of $200 up to $2,000 or more. A policy may also require a
co-insurance payment after the deductible has been paid. This can be as
much as 50 percent or more of a covered cost. You may need to pay
co-insurance up to a specified amount on the policy before insurance
pays 100 percent of the costs.
Premium Amounts
The premium that is paid for a short term health insurance policy
depends on various factors. Your age and the type of coverage available
on a policy are used to determine the premium. You may purchase a policy
for you or for any dependent that is 15 days old up to age 65.
Comparing Short Term Health Insurance Policies
Policies for short term health coverage will vary based on available
coverage and price. Make sure that you understand all of your
out-of-pocket costs before buying a policy. You may find that the
deductible applies for each doctor's visits or to the whole policy term.
Read through the types of covered expenses that are provided by each
policy and the amount that will be paid.
