There is a sad truth that someone you know or even yourself may lose your job or get a divorce. During this already stressful time you may temporarily lose your health insurance benefits. A perfect solution is to purchase a low cost interim health insurance policy.
Interim health insurance give you the security of health insurance until you can secure permanent coverage. Most of these plans can be purchased for as many months as you need up to a year. And if you need a longer term they usually allow you to extend your coverage.
To compare shop for these plans is smart. They best way to do that is online. These plans tend to be very close as far as benefits go, but rates can vary sometimes drastically. Another thing to look at is payment for premium. Some allow you to make monthly installments, while others require total payment up front.
These plans will cover the basics, hospitalization, emergency care, x-ray, lab and prescriptions. These benefits are usually covered once a deductible is meet. They will not cover any pre existing condition however. They also do not cover routine or preventative visits to your doctor.
With interim health insurance you are not guaranteed approval. They do not have to renew coverage either. this is because the are not subject to HIPPA legislation. What does this mean for you? If you have been diagnosed or treated for something in about the last 5 years if they extend coverage that condition will be excluded.
These plans are already low cost, but you can do some things to make it even more affordable. What many people do is take a high deductible. They find $5000 dollars to be a comfortable deductible since this insurance is only for a short time. You could pay as little as $1 a day for one of these plans.
Here is a good example of how beneficial even a high deductible plan can help you. Carol’s plan has a $3000 deductible and 80/20 co insurance with a $5000 maximum out of pocket. Carol went into the hospital for a ruptured cyst. Her bill for the 3 days of hospitalization was $12000. Carol must pay $3000 to meet her deductible, that leaves $9000. She then must pay 20%. So she will pay $3000 + $1800 for a total out of pocket of $4800. the insurer will pay $7200.
Risking going without insurance can be costly as you can see by the example. A trip to the hospital can be a big expense to you. If you had to pay it all out of pocket you may be in financial trouble.