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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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.
