Why Short Term Insurance is Perfect for Students and Graduates

Written by Victoria Troupe

Nowadays, with the rise of medical costs it is important that students have coverage in case of emergencies. short term college student insurance is specifically designed for those who find themselves in periods of transition to receive short term medical coverage at an affordable price.

The Benefits of Temporary Health Insurance

One of the great things about the life of a student is the novelty that comes with new experiences and the thrill of all the different and exciting changes. However, getting caught up in this whirlwind can sometimes lead you to find yourself stuck without some fundamental necessities. This is the purpose of short term insurance, to assist you during these periods of transition. short term college student health insurance is a great option for recent graduates, those who have reached the cutoff age if covered under another plan, and students returning from study abroad. Temporary health insurance is an easy and accessible method of protection for those who would rather be safe than sorry in the face of unexpected accidents or sickness.

Purchasing a short term college student health insurance plan means obtaining a plan that provides a medical safety net at an affordable price. Part of the convenience of having this type of low –cost health insurance is the flexibility that comes with it. Most of these plans offer low premiums and also allow you to select the length of coverage, and the deductible which best fits your needs. This ability to customize your health plan to fit your needs makes it extremely manageable and accessible. While you are waiting for another policy and organizing yourself this low-cost student health insurance will ensure that in the event of an unexpected injury or illness, you will not have to empty out your wallet for out of pocket expenses.

It is typical for some insurers to offer their clients a 30-day guarantee of satisfaction. If within a 30-day period you wish to terminate the plan, you are guaranteed a refund of the premium amount paid. For those students who find themselves in various transitional phases (returning from study abroad, recent graduates, and ineligible to be covered by their parents) this type of short term college student health insurance plan provides peace of mind at a low-cost. This guarantee is ideal, for example, if you purchase a plan as a recent graduate but then find yourself employed and receiving medical coverage within the 30-day period. In this case the temporary health insurance was acting as a safety net in case of an emergency, but you are then allowed to terminate the plan and receive a full refund. However, it is important to note that if any type of medical claim is made under the plan during this 30-day period you are no longer eligible for a reimbursement.

In addition to the money-back guarantee, you also have the ability to choose between making an upfront payment (usually at a discounted price) or monthly payments. Many health insurance companies tend to have a clause which excludes coverage for pre-existing medical conditions. However, with this low cost student health insurance, you can have the security of receiving a “Certificate of Creditable Coverage” which your next insurance company can use to provide immediate coverage.

However, probably the best feature about the Short Term Medical Insurance we offer is the fact that there is no medical network which you are limited to as a customer. With most health insurance plans you are limited to a list of facilities and medics which fall under the company’s network. Often times this can be a big hassle, especially in the face of an emergency; if there are no facilities nearby you may find yourself paying out-of-pocket costs with no option for reimbursement. But with a short term college student health insurance plan this is a concern that you are free from. Without the limitation of a medical network you are able to go to any physician of our choosing, making any medical visit as convenient as possible.

How Does Temporary Health Insurance Work?

Along with the customization of your plan and the liberty of not having a medical network, the convenience of these temporary insurance plans is enhanced by the fact that you can often times apply for them online. In addition to the comfort of applying from home, your medical coverage begins as soon as the application is postmarked.

As with other health insurance plans, short term college student health insurance plans often come with a deductible and coinsurance options. As previously mentioned, one of the perks of these plans is that you have the discretion to choose the amount you wish to pay as the deductible and coinsurance.

Deductible

The deductible is the amount that must be paid before you can begin receiving coverage under the health insurance plan. For example, under Short Term Medical (STM) provided by HCC Life, you have the option to choose a deductible ranging from $250 to $7,500. The amount that you choose must be paid before the benefits of the insurance plan go into effect. Once the deductible is paid you then have the option to choose the coinsurance amount.

Coinsurance

Coinsurance is the amount that you agree to pay per medical visit for the next $5,000 exceeding the deductible amount. Under the STM plan mentioned above, you are given two coinsurance options. The first is a coinsurance of 80/20, which means that you per use you will 20% of the cost, and the second is a 50/50 split, meaning you will pay 50% of the cost. These are examples of amounts that fall under the STM plan; however it may differ between insurance providers so it is important to look into the options offered by each plan.

Regarding coverage, there are treatments and conditions that are specifically excluded from coverage. While most short term plans tend to include coverage for treatments such as surgery, emergency services, prescription drugs, hospital care, etc., pre-existing conditions are usually excluded.

Pre-existing Conditions

Pre-existing conditions are those conditions which an individual has been receiving treatment, care, or diagnosis for a certain number of months prior to the start date of the short term medical plan.

For those students who are involved in athletics, most insurance providers do not provide coverage for incidents or injuries which occur due to interscholastic or intercollegiate sports. Over-the-counter medications and medical expenses which are acquired outside the United States are also usually not covered.

Keep in mind that benefits and exclusions differ for every plan.

In terms of renewing a short term health insurance policy it may differ from insurance plan to insurance plan. Some providers do not allow for any sort of renewal and require you to purchase a new policy once your initial coverage comes to an end. Others do provide the option for renewal however, being that these policies are short term, if you file a claim under your coverage period, they will generally not allow for a renewal of the same policy. Any treatment or illness that occurs under the short term policy will then be viewed as a pre-existing condition in the renewal process.