Q. What is Term Medical Insurance?
A. Term Medical Insurance is health insurance designed to cover an insured for 12 months or less. Top
Q. Who needs Term Medical Insurance?
A. Anyone who needs health insurance for a specific amount of time should consider Term Medical Insurance. Some examples are: Part Time or Temporary employees, Recently Graduated students, Waiting to be approved for a permanent, individual plan, Recently lost job, COBRA alternative, and Got a new job, but insurance coverage begins after 90 days or more. Top
Q. How long is Term Medical Insurance good for?
A. Term Medical Insurance can typically be purchased from anywhere between 30 days all the way to 12 months. Some companies only offer plans up to 6 months.Top
Q. What should I look for in a Term Medical Insurance plan?
A. Stability of the company is important. You want them to pay when you need them to. Look for deductible and coinsurance options. A PPO network is also a definite plus. Finally, a plan that allows you to go to any doctor, in or out of network is preferable. Top
Q. Why should I purchase Term Medical Insurance?
A. Getting caught without health insurance can be anyone's worst nightmare. Term Medical Insurance is exceptionally inexpensive compared to its permanent counterpart. Since most plans will not cover pre-existing conditions, you'll primarily purchase it for the unexpected, like accidents and unexpected first time medical conditions. One common saying used among industry experts is that accidents don't wait for you to get insurance. Top
Q. How do I choose between multiple Term Medical Insurance companies?
A. Cost is one deciding factor. Benefits such as policy limits, deductibles and co-insurance are other obvious factors. But it shouldn't stop there. Compare PPO networks. Search the internet for real peoples' experience with that company. Look at each insurance company's AM best rating. The company's financial rating is a direct reflection of their ability to pay a large claim. Top
Q. Why should a Term Medical Insurance plan include a PPO network?
A. Term Medical plans typically pay on what's called UCR, or Usual, Customary and Reasonable charges. In essence, they will only pay what's generally considered reasonable within the industry, regardless of how much the provider charges. By utilizing a PPO network, that provider has agreed in advance to provide services at a cost the insurance company is willing to pay. Top
Q. Do I need to be healthy to purchase a Term Medical Insurance plan?
A. Typically yes. Most Term Medical Insurance companies ask a series of questions to determine if you qualify. If an individual is caught omitting information or lying on an application, that individual's medical bills may not be paid. Always tell the truth on an insurance application! Top
Q. How do I apply for Term Medical Insurance?
A. Most companies today offer websites that allow people to easily apply for Term Medical Insurance. Paper applications are quickly becoming a thing of the past. Top
Q. Is Term Medical Insurance considered a continuation of coverage?
A. Most top rated Term Medical Insurance plans are considered a continuation of coverage. One should expect a "certificate of credible coverage" from the company they purchased their insurance from. Ultimately though, the insurance company that replaces the Term Medical policy will have a role in determining whether or not you had a qualified plan. Top