High deductible may be best for your wallet: With this type of insurance, you are going to want to try and save as much money as you can, especially if you are out of work. As such, you will want to find a short term health insurance plan that has low premiums-this often means high deductibles. Since this type of plan does not cover routine medical care, the only way you should need to pay a deductible is if you have an emergency, such as an accident. Since the odds are low that you will use this insurance in the short span of 6-12 months, a high deductible is appropriate for this situation. If the worst does happen, at least you are not footing the entire bill, just a little more than you would have.
Make sure the carrier will allow you to extend your plan if needed: There are always limits on how long you can have a short term health insurance policy, but some limits are longer than others. Furthermore, some providers allow you to extend the policy if needed. You never know what will happen and how long you will need the policy for; therefore, it is good to go with a short term insurance provider who allows for flexibility.
Lastly, don't keep the plan longer than you have to: Short term insurance is not intended for long term use and, as such, it skimps out on important coverage areas like checkups and preventive care. These plans are simply so that you don't find yourself saddled with enormous medical bills because you happened to have had an accident while between insurance plans. If you are out of work for more than a year, it may be best to look for individual health insurance policies that will provide more coverage. If you need long term health insurance and are looking for a cheaper solution than buying an individual plan, look for groups or associations that you can join which allow members to sign up under their group plan.
By Aaron Buck
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