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Wavehelp Insurance Blog
Wavehelp's online insurance site serves two important purposes. WaveHelp Insurance provides affordable health insurance, short term health insurance, travel health insurance and trip delay / cancellation insurance in an easy web-based way. At the same time, WaveHelp Insurance provides a way to generate on-going funds for humanitarian relief to the victims of hurricanes, floods, and tsunamis without asking anyone for donations.
Friday, March 28, 2008
How to Customize Short Term Medical Insurance
Short Term Health insurance is a flexible kind of coverage. There are several choices you can make to fit it well into your situation.
One choice you can make for the short term coverage is to decide when you want it to begin. Most times, you can have medical coverage as soon as tomorrow morning (at 12:01 AM). You can also delay the beginning of health coverage for 30 or 45 days if you wish to do so.
Another choice you can make is the way in which you pay for your temporary health coverage - that is, you can pay a month at a time or you can pay for the entire coverage period all at once. Usually, people who want to have bridge insurance to cover them while they are between group health insurance plans know exactly how long they will need the coverage and can select to pay all at once. This is a way to save money on bridge health coverage. But, if you don't know how long you will need the coverage, paying monthly can be better because you can cancel the health insurance before the term is up if you want to and you will only have paid for the bridge health insurance for as long as you need it.
In many states, you can choose short-term medical insurance with a maximum term of either six months or twelve months. The temporary health insurance is less expensive if you select the six month plan. Of course, you don't need to use all six months - just as much as you need. The six month plan is cheaper because the health insurance company views it is a lower risk. They only need to cover you for a maximum of six months rather than a maximum of twelve months and fewer problems are likely if the time period of health coverage is shorter. If you know you will not need your short-term health coverage for longer than six months, pick the six month plan because it is cheaper. If you are not sure how long you will need short-term health insurance, pick the twelve month plan to maximize your flexibility. It is just a little bit more expensive.
You will also be asked to select how high you want the maximum lifetime limit to be. Of course, the higher limit costs more than the lower limit. I urge you not to fall into the trap of thinking, "What can happen in a few months?" In fact, what can happen ranges from "nothing" to "something awfully expensive". Choose carefully on this one.
Next, you'll need to choose your deductible. As with all insurance, the deductible is what you pay at the beginning before the insurance company begins to pay. Naturally, if you pick a higher deductible, you limit the exposure of the insurance company and they charge less. Many insurance professionals recommend that you pick a higher deductible if you have a savings account you can use to pay the initial charges. Pick what you can afford. It is not an especially good outcome to get all healed up and come home broke because you've had to empty your savings account.
Hand-in-hand with the choice of deductible is your last decision; what rate of payment do you want. Rate of payment describes the cost sharing that occurs for a while after you have met your deductible. Depending on the state and the deductible amount, you can get 100/0, 80/20, or 50/50 coinsurance where the lower number is percentage you pay up to the maximum out of pocket limit (which is usually fixed).
I hope this has helped. There is some more detail at http://www.wavehelp.com/temporary-medical-features.htm
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