Get A Short Term Health Insurance Plan In Indianapolis, Indiana
Due to recent health insurance legislation changes, short term health insurance is proving to be a pretty attractive option for those who are looking for immediate solutions for health care coverage in Indianapolis.
So far, 2020 has been a year in which a lot of U.S. families are discovering that traditional health insurance is simply not an option.
For most, the reason is affordability. A short term plan has the capability to suit a family's health insurance needs while being more reasonably priced.
Also, short term health insurance plans are not so "short" anymore. In Indianapolis Indiana, you can purchase a short term health insurance plan, and keep it for at least a year, perhaps as long as three years. Use the link above to run an instant quote to see rates and term lengths for where you live.
Interesting Fact: Paying for health care is the number 1 cause of bankruptcy filing every year in the U.S. Almost 2 million people need to file bankruptcy because they cannot pay their medical bills each year, and outside of bankruptcy, over 20 percent of the population (about 56 million adults) between the ages of 19 and 64 struggle with health-care related bills each year.
What is Short Term Health Insurance?
The first thing to do is define short term health insurance. There are two parts to this: What short term insurance was, and what short term insurance is today.
Initially, short term health insurance was designed just for short term situations. As the name implies, it was a health insurance plan with a short term duration, which ranged from several months to a year.
This type of insurance was for individuals who needed temporary medical insurance or could not afford traditional health insurance. It was used mostly by employees who frequently changed jobs, employees waiting for
their group health insurance plan to kick in, students going out of state to college, or young adults searching for their own insurance because they were no longer covered under their parent's plan.
Insurance coverage was strictly for hospitalization. Doctor visit benefits, preventative services, or prescription drug benefits, were unheard of.
Things have changed. Some short term health insurance plans now offer doctor visit copay benefits, preventative services, prescription drug benefits, and more. There are now short term plans
that can be held for up to three years before a new application is needed. The benefit structure is starting to look a lot like traditional health insurance plans.
The Indianapolis Indiana community has noticed. Short-term health insurance is becoming an ideal health insurance solution for a growing number of Indiana families.
Short term health insurance is not for every circumstance. It lacks several of the guaranteed benefits that are part of the Affordable Care Act portfolio of plans. However,
There are several notable advantages.
Good to know:
Keep an eye on discounts. Remember that you don't have to buy glasses or contact lenses from your optometrist or ophthalmologist. Federal law requires them to give you a copy of your prescription so you can buy lenses anywhere you like. Even if you don't have vision coverage, insurance providers may offer discounts on glasses or contact lenses. If not, look elsewhere: Some Automobile Association of America policies include eyewear discounts. Warehouse clubs and online retailers also offer deals.
courtesy of Parents.com
- Far Cheaper for Healthier Individuals
Compared with standard ACA plans, which can run even healthy individuals around $400-plus dollars every month, short-term health insurance plans average less than $100 a month, with some options being as low as $70-$80.
Of course, the amount of coverage offered depends on the price. You obviously won’t get the same amount of coverage with even a more-expensive $100 plan as you would with an ACA option. This is why short-term health insurance plans are being increasingly sought by healthier individuals who don’t require all the coverage mandated by the ACA.
For individuals, especially, short-term health insurance plans offer a nice way out of one-size-fits-all healthcare packages with exorbitant premiums. It’s recommended that you look at each plan in detail to make sure you are getting the coverage you need for your individual situation.
Under the law, these short-term health insurance plans are now renewable. Individuals seeking a refuge from high ACA premiums can do so for two-to-three years under current policy. Though this ultimately does not satisfy long-term demand, it provides a medium-range option that may prove more viable than traditional ACA plans for individuals or families who don’t qualify for government subsidies.
Most companies will allow individuals to renew existing plans without changes. This means customers can enjoy up to three years of medical insurance with the plans they choose.
Unlike traditional insurance plans, short-term insurance plans require no open enrollment. Those seeking these plans simply need to sign up and be approved to gain nearly instant access to medical coverage. Typically, short-term insurance plans begin coverage within one to fourteen days of being approved, whereas ACA plans can take between two and six weeks to go into effect.
Despite there being no set window period for enrollment, many short-term insurance companies opt to take part in open enrollment periods, if only to create awareness for their plans. If you plan on participating in this year’s open
enrollment, pay attention for these companies and see if their alternative plans are right for you. If you don’t wish to wait, however, keep in mind that short-term insurance is offered year long, so you never have to worry about missing an open enrollment period.
|IU Health University Hospital
550 N University Blvd
Indianapolis, IN 46202
Telephone: (317) 944-5000
Plus Code: QRGF+58 Indianapolis, Indiana
How will I know if short term health insurance is the solution I'm looking for?
Administrative costs currently make up a major chunk of healthcare spending in the U.S. It takes up about 25 percent of total hospital spending and accounts for hundreds of billions of dollars in healthcare spending annually, The Commonwealth Fund
reported. The percentage of total hospital spending devoted to administration is highest in for-profit hospitals, followed by nonprofit hospitals, teaching hospitals and finally public hospitals.
Figuring out if short-term health insurance is right for you depends on certain factors. These are some of the common factors why many choose to carry short-term insurance.
- Affordability. Traditional Health insurance options can be very costly for the kind of coverage a family may need. A short term health insurance plan might be a more affordable solution.
- Employment Gap. If you receive health insurance through your employer and are between plans or jobs, short-term health insurance can help cover you and your family.
- Network. Short-term insurance may help expand your options, if you live in an area with few healthcare providers.
- Near immediate coverage. In most cases, you can qualify and be covered by a short term health insurance plan within 24 hours.
Speaking with a true health insurance specialist will be the best way to sum up all the information you acquired and turn it into a smart health plan choice. When it comes to choosing the right health care plan, knowledge and expertise are the most important factors.
Explaining The Growth of Healthcare Sharing Healthplans