Short term medical insurance
What
happens if you or your family member leaves the job? You will lose your
employer-supported group coverage and may opt for short term medical insurance.
It may be possible to keep the same short term policy, but you will
have to pay for it yourself. This will certainly cost you more than
group coverage for the same, or less, protection. A Federal law makes
it possible for most people to continue their group health coverage
for a period of time after they leave their employer. Called COBRA (for
the Consolidated Omnibus Budget Reconciliation Act of 1985), the law
requires that if you work for a business of 20 or more employees and
leave your job or are laid off, you can continue to get health insurance
coverage for at least 18 months. You will be charged a higher premium
than when you were working.
Short term medical insurance
information
The differences
among fee-for-service plans, short term medical insurance, HMOs, and PPOs
are not as clear cut as they once were. Fee for service plans have adopted
some activities used by HMOs and PPOs to control the use of medical
services. And short term medical insurance, HMOs and PPOs are offering
more freedom to choose doctors, the way fee-for-service plans do. By
studying your short term medical insurance options carefully, you will
be able to pick the one that provides you with the coverage you need,
no matter what it is called.
Short term medical insurance
Stay Informed
Read your health insurance policy and member handbook. Make sure you understand
them, especially the information on benefits, coverage, and limits. Sales
materials or plan summaries cannot give you the full picture.
See if
your plan has a magazine or newsletter. It can be a good source of information
on how the plan works and on important policies that affect your care.
Talk
to your health benefits officer at work to learn more about your policy.
