Short-Term Health Insurance

What is Short-Term Health Insurance?

Short-term health insurance is a type of health insurance policy that provides medical coverage for a short duration of less than 12 months. It is designed to provide temporary coverage for medical emergencies or sudden illnesses. Compared to regular health plans, short-term health insurance plans are more affordable and can be extremely helpful for people without a stable job.

However, short-term health insurance plans usually do not cover pre-existing diseases, maternity expenses or critical illnesses.

Benefits of Short-term Health Insurance Plans

Some of the most important benefits of short-term health insurance plans are as follows:

1. Low-cost Premium

   The premium of a short-term health insurance plan is comparatively lower than the premium of a regular or long-term health insurance plan. Thus, people can obtain medical coverage without paying a hefty premium.

2. Easier to Change Plans

   Short-term health insurance plans have a shorter tenure. Therefore, if somebody is not satisfied with the terms and conditions of their health policy, they can change the plan or port to a different insurer to fulfil their medical requirements.

3. Fills Temporary Coverage Gap

   A short-term health insurance policy is highly beneficial for people with a coverage gap. For example, people who have missed their health policy renewal or someone who recently left a job.

4. No Claim Bonus

   Just like regular health plans, a No Claim Bonus (NCB) is granted to policyholders with short-term health insurance who did not raise a claim in the previous policy year. The NCB can be used to earn a renewal premium discount or an increase in the sum insured amount.

5. Ease of Purchase

   Buying a short-term health insurance plan is extremely easy, as most people do not have to undergo any medical check-up before policy issuance. Moreover, just like long-term health insurance plans, they can also be purchased online within a few minutes.

What is Covered by Short-Term Health Insurance?

The following medical procedures are covered by short-term health insurance plans:

1. Hospitalization expenses
2. Day care treatment
3. Ambulance charges
4. Organ donor expenses
5. Surgery and operation theatre expenses
6. Pre and post-hospitalization expenses

Who Should Purchase Short-Term Health Insurance?

Short-term health insurance plans are ideal for the following people:

• Individuals staying for a short time in India
• Individuals who are in between jobs
• People looking for temporary but affordable health cover

Differences Between Short-Term and Regular Health Insurance Plans

Take a look at the key differences between short-term health insurance and regular health insurance plans:

To Summarize

Short-term health insurance is beneficial for people seeking temporary medical coverage. Therefore, people interested in purchasing short-term health insurance must compare plans offered by different insurance companies before purchasing one.