You may be going through some kind of health crisis and decide to take out health insurance for a short period depending on the illness or condition that prompted you to make that decision. Well, if you’ve ever wondered if short-term insurance companies are available for this purpose, then I’m happy to tell you that there are.
In addition, there are a lot of them, so you can choose from a wide variety. So, in this article, I will highlight some of the top 15 short-term insurance companies of 2024.
It will also shed light on the eligibility criteria and cost of obtaining short-term health insurance. So, without wasting any time, let’s get down to business.
Content
- What is short-term health insurance?
- For how long can I get short-term health insurance?
- Who benefits from a short-term health insurance plan?
- Who is eligible for short-term health insurance?
- How much does short-term health insurance cost?
- What does short-term health insurance cover?
- 15 Best Short-Term Health Insurance Companies 2024
- 1 Everest:
- 2 Unified Health Care
- 3 Supportive health
- 4. IHC Group
- 5. Cobra
- 6. Aetna
- 7. Blue Cross Blue Shield
- 8. Signa
- 9. Humana
- 10. Kaiser Permanente
- 11. Oscar
- 12. Szenten
- 14. Harvard Pilgrim
- 15. Capital County Health Plan
- Frequently Asked Questions
- Conclusion
- Recommendations
- Recommendation
What is short-term health insurance?
Short-term health insurance, as the name suggests, is a policy that provides you with temporary coverage for a period of a few months to a year. Short-term health insurance is not regulated by the Affordable Care Act (ACA).
This means that short-term health insurance plans are not required to provide minimum essential health services (e.g., inpatient and outpatient hospital treatment, mental health services, and prescription drug coverage).
Short-term health insurance plans should also not cover previous illnesses. These plans are mostly for healthy people and have limits on how much they will pay for certain services.
For how long can I get short-term health insurance?
Short-term health insurance plans usually have an initial term of up to 364 days, after which you can extend it for up to three years.
However, some states have different and stricter rules regarding duration.
You can sign up for a short-term health insurance plan at any time of the year compared to other insurance plans that you only have to enroll once a year.
Who benefits from a short-term health insurance plan?
Frankly, anyone can benefit from a health insurance plan, but according to Josh Archambault, he has listed a few focus groups that are most likely to benefit from a short-term health insurance plan.
These groups are as follows;
- Previously uninsured
- Individuals currently unemployed or awaiting insurance coverage from an employer
- Persons withdrawing from the Social Security program
- Young People Abandon Their Parents’ Health Plans
- Recent college graduates
- Veterans leaving military service on their way to school or work
- Individuals who missed the open enrollment period and are blocked from coverage
- Retirees who are not yet eligible for Medicare
Who is eligible for short-term health insurance?
Eligibility for short-term health insurance is open to everyone as long as you are able to comply with the insurance company’s medical underwriting rules.
In most cases, this rule entails being under 65 years of age and reasonably good health. By underwriting, I mean the company’s ways of determining your health status to help decide whether they will offer you coverage, as well as at what price it will be provided and with what exceptions.
About 11 states in the United States of America do not support short-term health insurance plans, either because these plans are either prohibited or the regulations associated with them are so strict that most insurance companies have decided not to sell them there.
How much does short-term health insurance cost?
Short-term health insurance is almost always cheaper than large medical plans. Short-term health insurance plans cost about 50-70% less than the average individual market coverage.
The cost of short-term health insurance plans varies depending on certain factors, such as age, location, and the level of coverage chosen. Affordability is the main reason why people choose this health insurance plan.
It’s pretty easy to get a short-term health insurance plan. All you have to do is check the available quotes using your phone or directly on the insurance company’s website.
You can also visit online marketplaces and insurance agencies that list the available quotes from various insurance companies, making it easier to find the option that works best for you.
Before choosing any short-term health insurance plan, think and check if you are eligible for a special enrollment period as well as other qualifications.
What does short-term health insurance cover?
Short-term health insurance covers everything from hospital room and meals, medical emergencies, impatient visits to the doctor, and other unforeseen medical needs that do not include pre-existing medical conditions.
There are various short-term health insurance plans tailored by providers at different prices that you can choose depending on your preference.
Some policies offer better coverage than others, so you need to be careful when deciding which plan to choose.
It is also important to note that short-term health insurance plans have various exclusions, which include, but are not limited to, lack of coverage for pre-existing medical conditions.
They are not subject to the provisions of the ACA and do not meet the requirements of the ACA. You can also get a large amount of medical debt on short-term health insurance plans.
15 Best Short-Term Health Insurance Companies 2023
Below, I’ve outlined some of the best short-term insurance companies of 2023 with brief details about each company and how to contact them.
So, without straining you further, here they are;
1 Everest:
Everest has been involved in insurance gaming since 1973 and has a brilliant reputation as well as Moody’s A1 Financial Strength Rating with various types of policies, including property insurance, casualty insurance, special insurance, casualty insurance, and health insurance.
They are also available in 23 states in the United States.
Everest offers low deductibles, reasonable pricing, and the most dynamic coverage of doctor visits, including wellness visits, emergency care, and mental health treatment. To get a quote from Everest, click here.
2 Unified Health Care
UnitedHealthcare has been selling short-term health insurance for over 30 years, and its policies are available in more than 24 states. In the rating of financial strength of the insurance company Moody’s, it has an A1 rating.
You can easily request a quote on United’s website and view all the details about the offer you want to participate in.
In some states, you must be a member of the Federation of American Consumers and Travelers (FACT) and you will be charged an additional fee of $4 per month.
UnitedHealthcare offers a maximum benefit of between $500,000 million and $2 XNUMX. And subject to exceptions such as maternity care, accident-related incidents, emergency services, prevention, hospitalization, pre-existing illnesses, and prescription drugs.
Its short-term health insurance starts after you complete the deductible with options of $2,500, $5,000, $7,500, $10,000, $15,000, or $XNUMX XNUMX.
UnitedHealthcare is the only healthcare provider with coverage for up to 36 months if permitted by state law. You can check the quote here
3 Supportive health
Pivot Health has been in business since 2016 and manages more than $7 billion in premiums.
It also has to do with communication for America. Pivot Health guarantees its short-term health insurance plans through Companion Life Insurance Company, this is an AM Best A+ (Superior) financial stability rating.
Pivot Health is also available in 24 states. To get a quote, all you have to do is visit the Pivot website and see what plans they offer and how much they charge.
You have the option to choose a deductible between $1,000 and $10,000 with a maximum annual limit of $100 XNUMX million to $XNUMX million.
All plans available at Pivot Health have 20% or 30% coinsurance, and the maximum out-of-pocket coinsurance costs are between $3,000 and $10,000.
Pivot offers a wide range of affordable basic insurance coverages and valuable options to ensure you get value for your money, with the added bonus of numerous discounts on things like prescription drugs and vision care.
4. IHC Group
The IHC Group is an organization of insurance companies that are responsible for short-term insurance plans in more than 35 states, including insurance companies such as Standard Security Life, Madison National, and Independence American Insurance Company.
The AM Best ratings give IHC Group and Standard Security Life a financial strength rating of A- (excellent).
They have deductible options ranging from $2,500, $5,000, and $10,000 XNUMX.
The coinsurance options we found were 20%, 30%, or 50% with a maximum cash amount between $4,000 and $10,000.
The IHC Group offers to vary by state with lower deductibles and higher maximum cash.
5. Cobra
COBRA stands for “Consolidated Consolidated Budget Harmonization Act,” which in the true sense is not an insurance company, but a federal law, but is one of the best short-term health insurance options.
This entitles you to remain in your employer’s group health insurance plan after your job status changes.
Depending on your circumstances, COBRA provides you with coverage for a period of 18 to 36 months.
It’s not all pocket-friendly, probably because you’re paying the full premium of your health plan, including the portion your employer previously paid.
It offers coverage and affordability that will make your transition smooth, allowing you to maintain access to the same doctors, co-pays, and prescription insurance coverage that you previously had in your employer’s plan.
6. Aetna
Aetna offers affordable copays and coverage across the country, no matter what state you’re in. The specialist copay is as low as $35, along with available benefit options such as dental, hearing, vision, some comprehensive care, lifestyle (e.g., life coaching, counseling, and tobacco cessation), and transportation coverage, among others.
Aetna receives an AM Best A rating and a Better Business Bureau (BBB) A+ rating.
There are 5,700 hospitals in the Aetna network, and its plans can be purchased on the Health.gov marketplace.
7. Blue Cross Blue Shield
Blue Cross Blue Shield is one of the popular names as it has been relevant to healthcare for over 80 years.
BCBS plans offer Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO) plans, and, for government employees, the Federal Employee Program (FEP).
It also provides coverage for vision, dentistry, hearing, and international care. BCBS has an A+ BBB rating and an AM Best A rating.
8. Signa
Cigna is a global provider with relationships with more than 180 million patients and customers worldwide.
It offers co-payments to the supplier and specialist at a price of $0.
It also offers Exclusive Vendor Organization (EPO) plans and HMO and PPO plans.
They also offer dental coverage and additional insurance policies such as cancer insurance and one-time heart attack and stroke insurance.
Cigna has an AM Best A rating
9. Humana
Humana is focused on the Medicare community. It provides social security and insurance for people aged 65 and over.
They also offer Medicare HMO and PPO plans, as well as Medicare benefit plans, which can cost as little as $0 depending on your region.
If you own a business, then Humana is the best insurance company for you.
It also offers several add-on plans, such as dental coverage, prescription drug coverage, vision insurance, and fitness benefits (gym membership).
You can purchase Humana plans from the Health.gov marketplace.
Humana has an A- rating from AM Best and an A+ rating from BBB.
10. Kaiser Permanente
Kaiser has been in the health insurance business since 1945 and is constantly evolving to become one of the largest non-profit health insurance providers in the country. With over 12.5 million members across the U.S.
By combining Kaiser Permanente’s High Deductible Health Insurance Plan (HDHP) with a Health Savings Account (HSA), you get a convenient debit card that allows you to cover eligible expenses with HSA funds directly and without any additional paperwork.
Kaiser Permanente also manages its own Health Savings Accounts (HSAs), which can help you save on medical expenses on a preferential tax basis.
11. Oscar
Oscar is a high-tech healthcare company founded in 2012 and serving more than 560,000 members in XNUMX states.
It ranks first thanks to its digital healthcare, which guarantees you the comfort of navigating its services with just a mobile app.
You can take care of everything from maintaining a digital ID, scheduling appointments, renewing prescriptions, and preventative care.
12. Szenten
Centene Corporation was founded in 1984 and has been a force to be reckoned with with for the nonprofit Medicaid program ever since.
It offers health plans for those who are not eligible for Medicaid, with subsidiaries such as the Health Care Enterprise group and its Envolve family of companies.
Centene currently boasts 25 million members
13. Health Partners
Group Health Plan, Inc. and HealthPartners provide health plans for Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Illinois.
It has a friendly health plan for diabetics as they promise to provide no more than $25 in monthly insulin supplies.
HealthPartners Insurance offers three separate plans in Minnesota and two separate plans in Wisconsin.
14. Harvard Pilgrim
It is a non-profit company with plans rated 4.5 in Maine, Massachusetts and a plan rated 4.0 in New Hampshire.
These plans are the result of a joint venture between Harvard Pilgrim and UnitedHealthcare that gives members access to a more diverse network of doctors, hospitals, and flexible medical benefits.
15. Capital County Health Plan
This is a physician-led plan, and private plans score up to 5.0 on the overall NCQA score.
CDPHP Medicare plans are also the best, scoring 4.5 stars.
CDPHP is also available in more than 29 counties in New York City.
Frequently Asked Questions
How much does short-term health insurance cost?
The cost of a short-term health insurance plan depends on your age, location, and the level of coverage you choose.
What does short-term health insurance cover?
Short-term health insurance covers unforeseen medical needs, including hospitalization and surgeries. Depending on the plan you choose, there may be various options.
Do you need short-term health insurance?
If you are not currently enrolled in an insurance plan or are in between jobs, you may need to take out short-term health insurance.
Conclusion
The above article has provided insight not only at the top 15 short-term health insurance companies, but also at what short-term health insurance plans mean and entail, as well as how to get them and when you need them.
I hope the article has provided you with everything you need and will help you choose the best health insurance plan that is right for you.