Short Term Health Insurance has traditionally been used by those out of work or in between jobs, usually for no more than a few months, hence the name Short Term. It works just like a major medical plan with its expiration at a certain future date. Most insurers will allow you to reapply. In addition to the duration term date, the other significant disadvantage of a Short Term plan is the lack of coverage for pre-existing conditions. The significant advantage of the Short Term Plan is its cost. It's not uncommon for such plans to cost less than half of what the Exchange Metallic plan cost. We are seeing a number of our clients who're not concerned about Pre-ex conditions, opting out of the Exchange plans for a Short Term plan in an effort to save $$$.
To help determine if this option is best for you, we recommend having one of our licensed, independent insurance experts evaluate your needs. Invariably, they can find you lower cost options than even through an employer. Best of all, since insurance premiums are regulated by law, the premium is the same regardless if you go it alone or call on one of our agents to shepherd you through this maze.
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