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FAQ's - Short-Term Medical

What is Short-Term Medical?

Short-term medical insurance provides coverage for a limited period of time. It may be the right solution for you if you’re between jobs, in a waiting period for another health plan to begin, or a seasonal employee. Short-term plans provide coverage for 30 days  up to 12 months. If you expect to need coverage for longer than one year, you may wish to consider a standard health policy like those shown in our Individual and Family section.

Short-term plans generally have a simpler application process than standard health plans and are usually less expensive. This is because they typically do not cover pre-existing conditions that have been diagnosed or treated in the prior 3 to 5 years. They also generally do not cover preventative care, physicals, or dental or vision care. They are designed to cover unexpected accidents or illness, rather than provide comprehensive coverage as a standard health plan would.

I Recently Lost My Job – Is Short-Term Medical Right for Me?

Purchasing a short-term medical plan will make you ineligible for any guaranteed issue individual health plans commonly known as HIPAA plans. So if you have any pre-existing confitions, you may wish to consider COBRA, state continuation, or a HIPAA plans which would provide more appropriate coverage. Be sure to speak with a knowledgeable benefits consultant before you make any decision to assure you do not make yourself ineligible for these coverages meant to help people with pre-existing conditions.

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When Does Coverage Start?

Coverage for most short-term plans can begin as early as the day following submission of your application. Of course you must meet eligibility requirements and submit payment that is received by the  insurance carrier before coverage starts.

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What If I Still Need Coverage After My Policy Terminates?

Many insurance companies will allow you to re-apply for another short-term plan when your first one expires. However, you need to be aware that this is a new policy subject to new pre-existing condition limitations. You will need to re-apply and be able to meet eligibility requirements.

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Should I Choose Monthly Payment or Single Payment?

While a single payment plan generally costs less than a monthly payment plan, if you don’t know exactly how long you will need coverage this may not be your best option because you usually cannot get a refund if your needs change during the policy term. A single payment is a good choice if you are sure exactly how long you will need coverage, you want to lower your costs, and you don’t mind paying your entire premium before the policy begins.

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Won’t I Save Money By Going Direct To The Insurance Company?

Whether you obtain your coverage from the insurance company, REGIT, or any other broker, the price will be exactly the same. Health insurance premiums are regulated by your state Department of Insurance and the cost is the same regardless of where you purchase. The knowledgeable, licensed staff at REGIT will simplify the process for you and be there for you long after your policy is in place.

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