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Short Term Health Insurance is health insurance for a specified time period.
With a Term policy, you buy a specific amount of coverage for a specific time period by signing a contract. You pay for that coverage period and at the end of the term, the policy expires.
For example, the term might be until retirement, or until children are grown, or until college is paid for.
Did you know: Term health insurance is the least expensive available insurance policy and allows you to spend a lot less and use the extra money for other investments, that can also go up in value, like for example a second home.
Term health insurance does not build up cash value and, it should come as no surprise, the premium normally increases as the policy owner gets older.
Usually, term health insurance covers a specific term (or time period) such as the term of 1 year, or even 30 years plus.
Should you pass away while the policy is active, term Health insurance provides the agreed payment to your heirs. Your survivors will be paid the agreed upon amount.
Many Short Term and Indemnity plans will also be sold with supplemental health products, some of these are insurance products and some are not. Most commonly these are dental, vision, critical illness, emergency medical, and accidental death & dismemberment (AD&D) insurance plans. They can also be products like telemedicine for 24/7 access to medical providers, insurance advocacy services to help you take advantage of your plans, pharmacy benefits for discounted prescriptions, and other group association discounts.
Other Insurance Options
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This site does not providthe e Affordable Care Act (ACA) Plans. Visit healthcare.gov for ACA plans. Short Term Health Insurance and Health Benefit Indemnity insurance (HBI) are insurance outside of the ACA. Short Term Health Insurance and HBI do not cover pre-existing conditions and do not include all ten of the minimum essential benefits of the ACA. You may be subject to the ACA Uninsured Tax (eliminated by the Congressional Tax Reform Act starting in 2019).
Just like with auto or home insurance coverage, once the health insurance policy expires, the insurance coverage ends so it's important to keep it active!
Pro tip: When you get your policy, immediately put a reminder in your phone calendar to call your agent thirty days before it expires!
Term health insurance is generally a good choice for folks who are:
- In need of coverage for a limited period of time
- Looking for lower premiums
Some term insurance policies give you the right to renew at the same rate for multiple years, while others do not.
Ask the specialist RateQuote.me connects you with for details!
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