What Is Short-Term Health Insurance Used For?
A short-term health insurance plan can help you with basic medical coverage during a gap in insurance coverage. Premiums for these plans are quite affordable, though they provide fewer “essential health benefits” than comprehensive ACA health plans. Most of these plans last up to 12 months, but you may cancel at any time without penalties.
Who Uses Temporary Health Insurance?
- Individuals who missed the deadlines for the ACA exchanges and need to wait until the next enrollment period
- Individuals who have a waiting period before enrollment in another program
- People who are temporarily in between jobs or have been laid off
- People looking for a less expensive COBRA alternative
- Those needing temporary coverage:
- College students or recent graduates
- Young adults coming off their parent’s health benefit plan
- Retirees waiting for Medicare eligibility
- Coverage for dependents not covered under an employer plan
Short-Term Medical is not for everyone. It’s important to know what’s not covered, so you can avoid any surprises if you are not the right customer for this product, including but not limited to:
- Pre-existing conditions are not covered
- Dental and eye care are not covered
- Prescriptions (unless prescribed during a covered hospitalization) are not covered
- Like most health insurance plans, services are subject to Usual Customary and Reasonable (UCR) review to determine the Maximum Allowed Expense.
We want your plan to work for you. That’s why it’s also important to know that Everest STM is not considered “minimal essential coverage” under the federal Affordable Care Act and that you may be subject to a tax penalty.
The Everest Insurance® companies offers Flex Term Health Insurance Plan temporary or short-term private health insurance to cover unforeseen accidents and illnesses.
- Deductible options ($1,000, $2,500, $5,000, $7,500, or $10,000)
- Co-pay options ( $40 and $50 options)
- Co-insurance options (50/50, 70/30, 80/20, or 100/0)
- Coverage period maximum ($250,000, $750,000, $1,000,000, or $1,500,000)
- Length of coverage options
- Eligibility 18-64 years old (child only coverage for ages 2-25)
- Monthly or pre-pay payment options
- Free-look period
Enrollments by Smart and Simple Insurance
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Available in: AL, AZ, AR, FL, GA, IL, IN, KY, LA, MS, MO, NE, NV, NC, OH OK, OR, SC, SD, TN, TX, VA, WV, WI and WY
1 FlexTerm Health Insurance Plan is the brand name for products underwritten by Everest Reinsurance Company
2 Availability, coverage terms and plan features and options may vary by state