Temporary insurance is a great option for those who find themselves without insurance. Generally, this type of insurance is valid for thirty days to one full year, depending on what you are looking for. Temporary insurance is for those who have recently changed jobs but won’t be eligible for insurance from their employer for a length of time. Often, the COBRA coverage offered by their previous employer is too expensive to maintain. Sometimes temporary insurance is purchased by individuals who quit work to return to school, knowing they will soon return to the job market. New parents who want to stay home with their infant or individuals who have been laid off all find temporary insurance a welcome relief.
Temporary insurance is sold through an insurance broker. The cost of it will depend on many factors. The region you live in affects rates as does your age, the length of time you want to purchase the insurance. The insurance is more expensive if you are purchasing it for your entire family than if you are looking at purchasing it for yourself only. Some states require a medical exam as well as base your rate on that examine. If you use tobacco products, your premium will increase.
Your deductible also affects your premium. Generally, the higher deductible you choose the lower your premium will be. However, it is important to only choose a premium that you can reasonably cover or the insurance won’t really do you much good. A deductible is the dollar amount you must pay before the insurance pays anything. Most temporary insurances cover check up, doctor visits, emergency room visits, and surgery. A co-pay may also apply, meaning you pay a set fee for each doctor visit. Some temporary insurance plans will include prescriptions.
Since having health insurance coverage is so important, the opportunity to purchase temporary insurance is a great offer. Just one major medical expense without coverage can be damaging to your finances for years to come. It is wise to prepare yourself in advance by purchasing temporary insurance. Most companies make the cost easier on your pocket book by allowing you to make monthly payments.