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Misery loves company. Fighting misery was subjected to the hands of fate until some wise soul discovered the ways to protect the distressed against the calamities and damages inflicted. Today, we know these methods collectively by the name of Insurance; they cover a vast plethora of things but are broadly categorized into three distinct classes: Life insurance, General Insurance and Health Insurance. Here we are talking about a sub-category of the last one.
Health Insurances can further be divided into two parts: Long-term and short-term. Often it has been noticed that people are prone to take up one but the budget becomes a bar. Add to it the time factor; a person may not require an insurance plan that would cover him for a time-span much more than he requires it to. The premiums, as a result, shoot up much higher than the budget of the policy buyer. All these factors gave rise to the concept of short term health insurance plans, where a person needs to pay less but can have almost equal benefits delivered by a long-term health insurance scheme over a limited period of time. This sets equilibrium between the much-debated topic: to be or not to be. But it is equally important to know how the short term health insurances function; else, one cannot decide whether the short term schemes can suffice their needs or not.
There’s hardly a difference between short term health insurance policies and indemnity plans. Both of them grant the policyholder the freedom to visit any physician or specialist as per preference and require pre-certification, a must for any of these plans. The short term health insurance plans cover the expenses for surgery, hospital care, emergency services, diagnostic tests, prescription drugs, follow-up office visits and up to a certain extent, mental health care. They are, however, not free from certain minor restrictions and conditions.
The downsides of short term health insurance plans are plenty as well; being highly affordable (which means low-cost), these schemes do not pay per se for routine medical care; however, the most drastic of all is that unlike a long-term scheme, a short term health insurance scheme pays only if the policyholder undergoes serious ailment during the period of coverage.
Getting familiar with a few nitty-gritty that any short term health insurance scheme comprises help in deciding whether a person requires it or not. The short term schemes, unlike the long term ones, don’t cover the pre-existing conditions of the policyholder. Mostly renewable for up to 36 months, the short term health insurance plans often faces refusals from certain insurers regarding issuing of a second or third policy if any claims were filed. But if the policyholder is dissatisfied with his scheme, most of the reputable insurance companies shall refund the total amount if reported within 30-days provided no claims were filed within that period of time.
One of the major appeals of a short term policy is its low premium. The reason the premiums are so low is because the policies do not pay for any pre-existing conditions. The short term health insurers have established, then, pools of healthy people and families, each of whom will only need the coverage for a short period of time. Given the low risk characteristics of this group, it stands to reason that the cost of insurance remains low for everybody precisely because so few people will have claims. And one more thing; instead of paying the premiums in installments, it is better to pay the entire amount at one go; that way, the issuer usually provides discounts in worthwhile amounts.
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