Nothing Lasts Forever: When To Get Short Term Health Insurance

Nothing Lasts Forever: When To Get Short Term Health Insurance

Carlos has always liked things that last. From durable brick cell-phones, to that particular bread brand that seems to last a couple of days more in the refrigerator.

He even cares about maintain a long-term relationship! (Even though Julia can be quite bossy).

And of course, as you might have guessed, Carlos is one of those guys who would never get a short-term health insurance instead of a long-term policy.

I want to prove Carlos wrong, just because I can. So, if you do not mind, I would practice my sale arguments with you.

Let’s check them:

Why I would not consider a short-term health insurance plan

Ok, this is odd. I want to sale Carlos something and I am starting with the cons. That is no mistake, I want to show Carlos I am not just messing with him but being an honest guy.

There are many downsides to buying short-term health insurance plans:

  • It will not count as Minimum essential coverage (Carlos will owe a fee for more than 3 months without other type of insurance)
  • Carlos will be able to see limited network of doctors
  • Cost assistance is not available with short-term health plans
  • Essential health benefits are not included
  • It will not cover pre-existing conditions
  • It might prevent Carlos of qualifying for COBRA or HIPPA plans

That is a not buy (for the time being).

When to buy a short-term health insurance plan

I made a decent list of reasons why Carlos should consider buying one of the plans at least once in his life. Tell me what you think about it:

  • Short-term health insurance has low costs
  • You can choose from a month to a year of coverage
  • They are perfect when switching jobs and while waiting for your employer group coverage to start
  • Planning on studying a degree on a state not covered in your network? Get a short-term plan
  • For business or pleasure outside your network, a short-term plan might suit you
  • You are exempt from the mandate but still want to get covered in case of an emergency

Truth is, short-term insurance plans are not made for everyone. But most Americans get one of them at least once in their life. They are quite convenient and might get you out of trouble when the time is right.

So, while Carlos keeps thinking about whether changing his Facebook relationship status to “complicated” You might get yourself a short-term insurance plan until the Marketplace Open Enrollment goes live.

That is right, you can buy a short-term insurance plan for 2 months until the Marketplace Open Enrollment begins in November 1, 2016.

Because let’s face it, Carlos is a bit outdated and we both know nothing lasts forever.

(Especially that bread on the fridge.)

Orestes Llorente

While in FIU getting a degree in business finance Orestes worked as an agent for State Farm where he found his professional calling, dedicating his life to manage risks for his clients. In 2006 he founded Entrust, a successful property and casualty agency in the heart of Coral Gables, Florida and in 2013 in partnership with Antonio Feijoo he put together a start-up focusing on the health care reform and Medicare Advantage. From humble beginnings but laser sharp focus, ACAP has grown to be one of the largest per carrier agencies in the nation. A philanthropist at heart, he aides children in Mindo, a small town in the Andean foothills of Ecuador and through his foundation Project Give Kids, he provides scholarship opportunities to young adults at the top of their class, unable to afford a college education in their country.

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