Even though Short-term health insurance and Short-term Care insurance sound similar, they’re two different insurance plans that provide coverage to fit specific needs.
Short-term health insurance is sometimes called short-term supplement health insurance, but it’s also known as short-term limited duration insurance (STLDI). It provides temporary coverage for medical expenses when traditional, comprehensive health insurance is unavailable. This plan may be right for you if you’ve:
What is the difference between short-term and long-term health insurance? Short-term health insurance premiums vary depending on where you live, your age, and which insurance company you choose, but most start around $100 per month. The plans usually offer immediate enrollment, and you’re typically covered for as little as 30 days and up to 364 days (although a proposed regulation change of coverage periods and subsequent renewals could result in a different timeframe).
Short-term health insurance availability varies by state, and currently these plans can’t be purchased in 14 states or the District of Columbia. Short-term health insurance plans exclude coverage for pre-existing conditions and only protect against sudden injuries and/or illness, basic medical care, and emergencies. Because of this, preventive care, maternity care, mental health care, substance abuse treatment, and outpatient prescription drugs are not covered under short-term health insurance plans.
Short-term Care insurance is meant to prepare for the “what if.” If you unexpectedly become injured, require surgery, or experience a medical condition that limits your ability to perform activities of daily living, Short-term Care insurance can offer financial protection up to 12 months, so that your medical and non-medical extended care needs are met.
On average, 42% of people need less than 1 year of at-home paid care and 37% of people need less than 1 year of any skilled care in facilities. Medicare Parts A and B cover some home health services and inpatient skilled nursing facility care costs, but they don’t cover extended care. Short-term Care insurance can help cover these gaps.
Short-term Care insurance is also an option if you don’t qualify for or can’t afford Long-term Care insurance — or if you’re in need of gap coverage during the Long-term Care insurance elimination period, which is most often 90 to 180 days between the start of your illness or injury and when you’re eligible to begin receiving benefits. Short-term Care insurance usually has fewer restrictions on the types of care it covers and who qualifies.
To be well protected for all of life’s in-between stages, what-ifs, and unexpected changes:
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Kelly Rayburn, AVP national sales and distribution at Wellabe, and Olga Villaverde, from Lifetime TV’s The Balancing Act, discuss the areas that primary health plans and Medicare may not cover and how you can protect yourself with supplemental plans.
More topics at thebalancingact.com
Wellabe offers life and supplemental health insurance plans to help you prepare for good days and bad. We’ll always be here to empower you to be well — well prepared, well protected, and well loved.
