You might be going through some health crisis and decide to take up health insurance for a short period based on the ailment or condition which prompted the decision. Well, if you ever wondered if short-term insurance companies are available for this purpose, then I am glad to let u know that there are.
Also, there are a good number of them too, so you can pick from a wide variety. So, in this article, I will highlight some of the 15 best short-term insurance companies of 2023.
It would also throw some light on eligibility criteria and the cost of getting short-term health insurance. So, without wasting any further time, let’s get right to it.
Table of contents
- What Is Short-Term Health Insurance?
- How long can you get short-term health insurance?
- Who uses 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 of 2023
- Frequently asked questions
- Conclusion
- References
- Recommendation
What Is Short-Term Health Insurance?
Short-term health insurance as the name implies is a policy that provides you with temporal coverage that lasts a period of several months not exceeding a year. Short-term health insurance isn’t regulated by the Affordable Care Act (ACA).
This implies that short-term health insurance plans are not obligated to provide minimum essential health benefits (like inpatient and outpatient hospital care, mental health services, and prescription drug coverage).
Short-term health insurance plans also don’t have to cover previous health conditions. These plans are basically for healthy people and have limitations to how much they will pay for certain services.
How long can you get short-term health insurance?
Short-term health insurance plans typically have initial terms of up to 364 days, after which you can choose to renew for up to three years.
Some states however have different and stricter rules as it pertains to the duration.
You can sign up for a short-term health insurance plan at any time in the year as compared to other insurance plans which you have to enroll for just once a year.
See Also: 15 Largest Health Insurance Companies in the World | 2023
Who uses a short-term health insurance plan?
Quite frankly, anyone can use a health insurance plan, but according to Josh Archambault, he listed out a few focus groups which are most likely to take up a short-term health insurance plan.
These groups are as follows;
- The formerly uninsured
- Individuals currently unemployed or waiting for employer-based coverage
- Individuals transitioning out of a welfare program
- Young adults leaving their parents’ health care plans
- Recent college graduates
- Veterans transitioning out of military service on their way to school or a job
- Individuals who missed the open enrolment period and are locked out of coverage
- Retirees who aren’t yet eligible for Medicare
Who Is Eligible for Short-Term Health Insurance?
The eligibility for short-term health insurance is open to anybody as long as you are capable of completing the insurance company’s medical underwriting rule.
Most times, this rule entails being under 65 years of age and in fairly good health. By underwriting, I mean, a company’s ways of determining your health status as to help decide if they would offer you coverage as well as at what price the coverage would come at and with which exclusions.
About 11 states in the united states of America don’t support short-term health insurance plans either because the plans have either been banned or the rules attached to them are so strict that most insurance companies have chosen not to sell them there.
How Much Does Short-Term Health Insurance Cost?
Short-term health insurance is almost always cheaper than major medical plans. Short-term health insurance plans cost about 50% to 70% less than the average regular individual market coverage.
The cost of short-term health insurance plans vary based on certain factors like age, location, and level of coverage selected. Affordability is the major reason why people opt for this health insurance plan.
Getting a short-term health insurance plan is pretty easy. All you need do is check through available quotes with your phone or directly on an insurance company’s website.
You can also visit online marketplaces and insurance agencies that list available quotes with various insurers which makes it easier to find the option that works best for you.
Before opting into any short-term health insurance plan do consider and check if you qualify for a special enrolment period as well as other qualifications.
What Does Short-Term Health Insurance Cover?
Short-term health insurance covers everything ranging from the hospital room and board, emergency health situations, impatient doctor visits, and other unexpected medical needs that are not inclusive of pre-existing health conditions.
There are various short-term health insurance plans tailored by providers at different prices which you can choose from based on preference.
Some policies offer way better coverage than others, so you would need to be thorough when making your decision on the plan to pick.
It is also important to note that short-term health plans have various exclusions which include but are not limited to no coverage for pre-existing conditions amongst others.
They are not subject to the ACA provisions and are not ACA-compliant. You could also incur a good number of medical debts from short-term health insurance plans.
See Also: 15 Best Affordable Health Insurance in Michigan | 2023
15 Best short term health insurance companies of 2023
Below I have outlined some of the best short-term insurance companies of 2023 with a brief detail on each company and how to reach out to them.
So, without straining you any further here they are;
1 Everest:
Everest has been in the insurance game since 1973 with a sparkling reputation as well as a Moody’s insurance financial strength rating of A1 with various policy types ranging from property, casualty, specialty, accident, and health insurance.
They are also available in 23 states across the united states.
Everest offers low deductibles, reasonable prices, and the most dynamic doctor visit coverage, including wellness visits, emergency care, and mental disorder care. To get an Everest quote click here.
2 UnitedHealthcare
UnitedHealthcare has been selling short-term health insurance for over 30 years and has policies available in over 24 states. In Moody’s insurer financial strength rating it has a rating of A1.
You can easily request a quote on united’s website and view all the details about the quote you wish to be part of.
In some states, you must be part of the Federation of American Consumers and Travelers (FACT), and be charged an extra charge of $4 per month.
UnitedHealthcare offers a maximum benefit ranging from $500,000 to $2 million. And is subject to exclusions, such as maternity care, accident-related events, emergency services, preventive care, hospitalization, pre-existing conditions, and prescription drugs.
Its short-term health insurance coverage starts once u meet the deductible with options of $2,500, $5,000, $7,500, $10,000, or $15,000.
UnitedHealthcare is the only provider with up-to-36-month coverage where allowable by state law. You can check out a quote here
3 Pivot health
Pivot health has been functional since 2016 and manages over $7 billion in insurance premiums.
It is also affiliated with communicating for America. Pivot Health underwrites its short-term health plans through Companion Life Insurance Company, this is an AM Best financial stability rating of A+ (Superior).
Pivot Health is also available in 24 states. To get a quote all you need to do is visit the Pivot website and see what plans they offer and what they charge.
You have the option to choose deductibles between $1,000 and $10,000 with a maximum annual limit ranging from $100,000 to $1 million.
All plans available at Pivot health have coinsurance of 20% or 30%, and the maximum out-of-pocket cost for coinsurance is between $3,000 and $10,000.
Pivot offers a vast selection of affordable basic coverages and valuable options ensuring you get value for your money, with added bonus of numerous discounts for things like prescription drugs and vision care.
4. IHC group
The IHC Group is an organization of insurance carriers that are responsible for short-term insurance plans in over 35 states, including member insurers such as Standard Security Life, Madison National, and Independence American Insurance Company.
AM Best ratings give the IHC Group and Standard Security Life an A- (Excellent) financial strength rating.
They have deductible options ranging from $2,500, $5,000, and $10,000.
The co-insurance options we found were 20%, 30%, or 50%, with out-of-pocket maximums between $4,000 and $10,000.
IHC group offers to vary by state with lower deductibles and higher out-of-pocket maximums.
See Also: Best Cheap Health Insurance in New York
5. Cobra
COBRA means the Consolidated Omnibus Budget Reconciliation Act, which in the true sense of it isn’t an insurance company but a federal law but is one of the best options for short-term health insurance.
It grants you the liberty to remain on your employer’s group health insurance plan after a change in job status.
Depending on your circumstances, COBRA allows you coverage for 18 to 36 months.
It is not all so pocket-friendly probably because you’re paying the full premium of your health insurance plan, including the portion that your employer previously paid.
It offers coverage and availability that would make your transition seamless, allowing you to maintain access to the same doctors, co-pays, and prescription coverage you previously had with your employer’s plan.
6. Aetna
Aetna offers you affordable copays and nationwide coverage in whichever state you are. With specialist copays coming in as low as $35 and available benefit options like but are not limited to dental, hearing, vision, some holistic care, lifestyle (such as life coaching, counseling, and quitting tobacco), and transportation coverage.
Aetna receives an A.M. Best rating of A and a Better Business Bureau (BBB) grade of A+.
Aetna has 5,700 hospitals in its network, and its plans can be purchased through the healthcare.gov marketplace
7. Blue Cross Blue Shield
Blue Cross Blue Shield is one of the popular names as it pertains to healthcare for over 80 years.
BCBS plans offer health maintenance organization (HMO) plans, preferred provider organization plans (PPO) plans, and, for government employees, a Federal Employee Program (FEP).
It also provides coverage across vision, dental, hearing and international care are also available. The BCBS has an A+ BBB grade and A.M. Best ranking of A.
See Also: Best Health Insurance For Self-Employed In 2023
8. Cigna
Cigna is a global provider, maintaining a relationship with over 180 million patients and customers worldwide.
It offers provider and specialist copays for a price of $0.
It also offers exclusive provider organization (EPO) plans and HMO and PPO plans.
They also offer dental coverage and supplemental insurance policies like cancer treatment insurance and lump sum heart attack and stroke insurance.
Cigna holds an A.M. Best ranking of A
See Also: Best Health Insurance Companies In Arizona
9. Humana
Humana is centered on the Medicare community. It provides welfare and insurance for people aged 65 years and older.
They also offer Medicare HMO and PPO plans as well as Medicare advantage plans that can come as low as $0 depending on your locale.
If you own a business, then Humana is the best choice health insurance company for you.
It also offers several supplementary plans like dental coverage, prescription drug coverage, vision coverage, and fitness (gym membership) benefits.
You can purchase Humana plans through the healthcare.gov marketplace.
Humana has a rating of A- ranking from A.M. Best and an A+ grade from BBB.
10. Kaiser Permanente
Kaiser has been in the business of offering health insurance since 1945 and has continuously grown to become one of the nation’s largest not-for-profit health insurance providers. With over 12.5 million members all over the US.
Pairing a high deductible health plan (HDHP) from Kaiser Permanente with a Health Savings Account (HSA) gets you a convenient debit card that grants you coverage eligible expenses with your HSA funds directly and without any added paperwork.
Kaiser Permanente also administers its own Health Savings Accounts (HSAs), which can help you save for health costs on a tax-advantaged basis.
11. Oscar
Oscar is a technologically driven healthcare company founded in 2012 and serves more than 560,000 members across 19 states.
It is ranked top due to its digital healthcare experience which guarantees you comfort while navigating its service with just a mobile app.
You can take care of everything from maintaining a digital ID card, booking appointments, and renewing prescriptions and preventive care.
12. Centene
Centene Corporation was founded in 1984 and has ever since been a force to reckon with regarding non-profit Medicaid.
It offers health plans for those who don’t qualify for Medicaid, with subsidiaries like health Care Enterprise group and its Envolve family of companies.
Centene currently brags of 25 million members
13. HealthPartners
Group Health Plan, Inc and HealthPartners Insurance Company provide health insurance plans for Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Illinois.
It is having a friendly health plan for diabetics as they promise to provide monthly insulin supplies for no more than $25.
HealthPartners Insurance offers three separate plans in Minnesota and two separate plans in Wisconsin.
14. Harvard Pilgrim
This is a not-for-profit company with 4.5 rated plans in Maine, Massachusetts, and a 4.0 rated plan in New Hampshire.
The plans are a result of a joint venture by Harvard Pilgrim and UnitedHealthcare which gives members access to a more diverse network of doctors, hospitals, and flexible health benefits.
15. Capital District Health Plan
This is a physician-directed plan with private plans scoring as high as 5.0 in the overall score from NCQA.
CDPHP Medicare plans are also top scorers, scoring as high as 4.5 stars.
CDPHP is also available in over 29 districts of New York.
See Also: 10 Best Cheap Health Insurance In Arizona
Frequently asked questions
The cost of a short-term health insurance plan varies based on your age, location, and the level of coverage you select
Short-term health insurance covers unexpected medical needs, including hospitalization and surgeries. There might be various variations depending on the plan you select.
If you are not currently on an insurance plan or are in between jobs, you might need to get short-term health insurance.
Conclusion
The article above has given an insight into not only the 15 best short-term health insurance companies but also what short-term health insurance plans mean and entail as well as how to get one and when you need one.
I hope the article provided you with all you need and would guide you on choosing the best health insurance plan that works for you.
References
Recommendation
