Pros and Cons of Short Term Insurance:
Is a short term health insurance plan is right for you? Let’s take a look at some of the pros and cons:
Pros:
Designed to fill short term gaps in coverage should you need it (ex: between jobs)
You can cancel coverage whenever you’d like without penalties
In most states you can typically choose a plan that covers you up to a year, if needed
You have availability to different plan designs, depending on insurance carrier
Cons:
Significantly higher deductibles than traditional health plans with other possible unforeseen costs
No coverage for pre-existing conditions and limited coverage for most services
A medical questionnaire may be required to be approved for coverage
Coverage is not mandated or standard, so plans vary greatly in covered services and costs with very little government oversight
Short-term health plans are not a good fit for everyone. For comprehensive coverage and benefits, make sure you enroll in a traditional health plan.
