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Ref. No. KLI/22-23/E-BB/492
Short term health insurance offers temporary coverage for gaps between major health plans, providing limited benefits for unexpected medical needs.
The health insurance industry in India has come a long way, offering a variety of plans tailored to different needs. Insurance companies offer a wide variety of plans to suit the specific needs of different customers. While it is generally advised to purchase a comprehensive and long-term health insurance policy to get maximum protection, many people opt for health insurance for short term.
A short term health insurance policy provides temporary health coverage, and it remains valid for a shorter duration. Such plans are generally valid for 12 months or less. Many people prefer buying a short term health care policy to get medical coverage in specific situations, like when they are outside the enrolment period or need emergency coverage.
Buying a temporary or short term health insurance plans can be a wise choice if you are young and healthy but want to avoid paying high medical bills due to unexpected hospitalization or surgery.
Here are 8 reasons why buying a short term health insurance policy is wise:
Short term health insurance policies are generally highly customizable and provide several options for you to choose from per your specific needs. For example, the policy duration is flexible; you can select a policy for any term, from three months to one year. You can also cancel the policy anytime you want without any hassles or penalties.
When you buy a health insurance policy, the premium is a critical factor to consider; it must be affordable. And, with short term healthcare policy, the premiums are generally inexpensive. The premiums for short term plans are about 30% to 50% cheaper than long-term health insurance policies.
You can easily purchase a short term plan at any time you want. Many insurance companies in India offer such plans, and it can be an excellent alternative to buying a standard policy for your short term needs. Also, with online services provided by the insurance company, you can purchase a policy of your choice with just a click of a button. Ensure you carefully read the policy terms and conditions before making the final purchase decision.
Many insurance companies offer NCB (No Claim Bonus) on short term healthcare plans. Many people feel that buying health insurance at a young age is unnecessary. However, whenever they are awarded an NCB discount, they feel motivated to renew the policy and stay insured.
If you have a short term health insurance plan, you can renew the policy and enjoy the NCB benefits in the form of a premium discount when you renew the policy.
Short term health care plans are specifically designed to fill the temporary coverage gaps. You may need a temporary policy if you have missed open enrollment for a standard policy, lost or left a job, or need temporary coverage for an emergency.
Now that you know the benefits of a short term health insurance plan, you must understand what is covered under such plans.
Expenses related to hospitalization, including doctor consultation fees, medicines, bed charges, surgery costs, operation theatre/ICU charges, etc.
During an emergency, you may need to use an ambulance to transport the patient from one place to another. Your short term insurance may cover the cost of the ambulance.
Most insurance companies ask the policyholders to undergo a health check-up periodically to keep a tab on their health status, and they cover the cost.
The list of expenses discussed above is not comprehensive, and the coverage may differ from one insurance company.
Thinking long term is great, but have you ever considered the benefits of short term health insurance?
While many gravitate towards comprehensive policies, short term health insurance plans offer flexibility and unique advantages that could be just what you’re looking for. Let’s break down why these plans might be the perfect fit for your current needs.
One of the most attractive features of short term health insurance is its flexibility. Unlike long-term policies that often require a commitment for a year or more, short term plans usually offer coverage for a few months to a year.
Short term health insurance plans often come with lower premiums than traditional health insurance. If you’re looking for a cost-effective way to bridge the gap between more comprehensive plans or need basic coverage without breaking the bank, short term plans can be a budget-friendly option.
While short term health insurance can be a lifesaver in a pinch, it’s important to know that it generally offers more limited coverage than long-term health insurance plans. These plans might not cover pre-existing conditions, preventive care, or certain types of treatment.
Short term health insurance can be a practical option if you need temporary coverage between jobs while waiting for a more permanent plan or are ineligible for traditional health insurance. But how do you know if you qualify for this type of coverage? Let’s break down the key eligibility criteria to help you understand if short term health insurance is right for you.
Now that you know what is a short term health insurance plan, it is time to understand what all is covered in it.
Most short term plans offer coverage for emergency medical services. If you end up in the ER due to an accident or a sudden illness, you can usually expect your plan to cover these urgent costs.
Coverage often includes visits to primary care physicians and sometimes specialists. However, the extent of this coverage can vary, and you might find that the plan only covers a limited number of visits.
If you need to be admitted to the hospital, short term health insurance typically covers inpatient care. This includes room charges and hospital services, but the coverage might be more limited compared to long-term plans.
Coverage for prescription medications can vary widely. Some short term plans include prescription drug coverage, while others do not. It’s important to check if your plan covers the medications you need.
This is where short term plans might fall short. Many do not offer comprehensive coverage for preventive services like vaccinations, routine check-ups, or screenings. If you’re looking for a plan that includes these, you might need to consider other options.
Short term health insurance plans provide temporary coverage, typically for a few months to a year, and are designed to bridge gaps in your healthcare coverage. But who exactly should consider purchasing short-term health insurance?
Students, especially those graduating and entering the workforce, might also find short term health insurance useful. If you’re finishing school and not yet covered under a new job’s health plan or a parent’s plan, short term coverage can protect you until you secure long-term insurance. It’s an affordable way to ensure you’re covered during this transitional phase.
Short-term medical insurance can be a valuable option, especially as you approach retirement age. This type of insurance is designed to provide temporary coverage for those who are in a transitional phase, such as individuals who are about to retire but haven’t yet qualified for long-term health plans.
Short term health insurance is often more affordable than traditional plans, making it an appealing option if you’re on a tight budget. While it might not offer as extensive coverage as a long-term plan, it can still provide basic protection against unexpected medical costs.
Sometimes, people need health insurance for a specific short term reason, such as recovering from an injury or managing a short term health condition. Short term health insurance can be tailored to meet these temporary needs without the commitment of a full-year policy.
Buying a short term health insurance policy is an excellent way to get protection against medical emergencies; you can get coverage against the expenses at an affordable premium. Moreover, it allows you to get medical coverage for a short period when you are in between jobs or are simply not interested in buying a standard policy.
1
Short health insurance typically lasts from a few months to one year, depending on the policy and provider.
2
Short health insurance offers temporary coverage with fewer benefits and more exclusions compared to regular health insurance, which provides comprehensive, long-term coverage.
3
Generally, short term health insurance plans are not renewable, but you can often purchase a new plan once your current one expires.
4
The application process for short health insurance is usually quick and straightforward, involving a few questions about your health and personal details, and it can often be completed online.
5
Short term health insurance plans may have network restrictions, meaning you might need to visit specific doctors and hospitals, unlike regular plans that often offer broader choices.
6
Short term health insurance typically costs less than regular health insurance, with premiums varying based on coverage, age, and location.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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