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When to buy short term health insuranceLife throws us some pretty unexpected curve balls sometimes, and a lot of these changes have the potential to affect our health care coverage. Because of this, it's important to understand some of the situations where purchasing short term health insurance may be applicable. One of the most common factors to affect insurance coverage is our employment. Losing a job can also cause the loss of benefits. This may not happen right away; many companies offer a grace period as part of a layoff package. Others offer the option of COBRA coverage, which is an extension of your existing insurance for a period of up to 18 months, which is comprehensive but very expensive as well. Temporary or seasonal employment is usually ineligible for coverage through a company's policies, but can certainly purchase short term health insurance on their own instead. Layoffs aren't the only reason benefits may change. Getting hired on at a new job may impact coverage also. Many companies require a certain length of grace period before benefits are extended, anywhere from one to six months. This is the perfect scenario in which short term health insurance would be most beneficial. These policies are intended only for a few months, and can be set up to expire after safely covered through other means. Age can be a problem, too. Dependents who turn eighteen, the age of legal adulthood, may find themselves ineligible for coverage under a parent's health insurance plan. Others may be covered even over the age of 18 as long as they remain full-time students in a college or trade school. At some point, they will either graduate or reach the cut-off age, and become ineligible at that time. Since they are legal adults, however, those in either of these positions may consider short term health insurance until they can find a job with full benefits later on.
The purpose of short term health insurance |
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