Sometimes, there are brief periods of time in which you may not be eligible for Affordable Care Act (ACA or Obamacare) coverage. If you are injured or fall ill within this duration, can you comfortably pay for the potential cost of treatment entirely out of pocket? If not, then you need another short-term health insurance plan. Here’s a look at similar scenarios in which having a short-term health insurance plan can cover your medical bills when you don’t have Obamacare.
- You’re Between Jobs and Without Employer Coverage
Typically, you won’t have employer-sponsored coverage when you’re unemployed and awaiting your next job. For a fraction of major medical insurance costs, you can purchase a short-term health plan with a host of coverage benefits, including inpatient and outpatient care, surgery, intensive care, and ambulatory care.
- You’re Not Yet Eligible for Your New Employer-Sponsored Health Plan
Maybe you just got a new job, but your employer-sponsored health insurance can’t pay for your medical bills yet. The waiting period for coverage eligibility can be as short as a few weeks or longer than 90 days, depending on your employer. However, once you’ve paid your first short-term health insurance premium, coverage often starts within 24 hours.
- You Missed Obamacare Open Enrolment
Once the Open Enrollment Period for Obamacare has ended, the next opportunity to sign up is a whole year away. Missing the enrollment period would leave you uninsured for a long time, especially if you’re ineligible for special enrollment, such as after divorce or getting married. In that case, it’d be a good idea to protect your finances with temporary medical coverage.
- You’re Temporarily Without Coverage After Special Enrollment in ACA
Life events such as getting married or welcoming a new child to your family may qualify you to get ACA coverage, including 60 days outside of the open enrollment period. Depending on the date you sign up, you may still have to wait more than a month for your Obamacare plan to take effect. Meanwhile, you can close any medical coverage gaps with a short-term health insurance plan.
- You’re Not Yet Eligible for Medicare After Early Retirement
If you retire before reaching the age of Medicare eligibility, you may be without coverage for a brief duration of time. This often occurs when one spouse is Medicare-eligible, but the younger partner has to wait for some time. If you’re in this situation, consider investing in a short-term medical policy.
- You Prefer Not Having an Obamacare Plan
Depending on your state, you may be exempt from an ACA plan. However, living without health insurance would be akin to gambling with your future. A short-term health insurance plan can help cover a range of medical costs as you assess your long-term coverage options.
Protect Your Family with Gant Insurance Medical Coverage
With a short-term health insurance plan, you and your family are covered for various immediate medical expenses. If you’re in between long-term health plans and need to fill coverage gaps, contact us at Gant Insurance Agency today. We can help customize your health insurance plan to suit your budget and needs.