Many self-employed individuals turn to short-term health insurance plans as a way to provide themselves with some form of healthcare coverage in case medical treatment may be needed or an injury occurs. Short-term health insurance offers many individuals an opportunity to find affordable, and helpful, coverage in case medical treatment may be required due to a catastrophic incident, but some self-employed men and women have begun to question whether short-term health insurance is the most affordable and inclusive option for their situation.
One of the main draws to short-term health insurance is that it comes with an affordable monthly payment on most policies. While these plans offer affordable payments from month to month they are not the most comprehensive when it comes to coverage. A short-term health insurance plan typically doesn’t offer much coverage beyond major medical treatments, which can have both pros and cons.
If someone is uninsured and in need of medical care, like an extended hospital stay or surgery, there will obviously be a substantial amount of costs which must be met by a patient. Yet, with a short-term plan, the policyholder will be covered for medical costs after their copay is met, which can be greatly helpful for anyone who incurs a high amount of medical care for an injury or ailment.
However, when it comes to covering prescriptions or routine medical care short-term health insurance plans may not be that beneficial in most cases. In instances such as this, self-employed individuals often turn to a more comprehensive health insurance plan which could help cover more widespread medical needs.
While short-term health insurance is not the only option those who are self-employed turn to, as there are long-term health insurance options, health insurance savings accounts, and some states have sponsored health insurance plans, but one reason many turn to short-term health insurance is due mainly to cost. Obviously, there are costs which many self-employed individuals have to consider, but typically, it has come down to a personal business owner’s need.
A short-term health insurance plan is helpful, and can be cost-efficient, when it comes to guarding one against potential high medical costs associated with a catastrophic emergency, but when it comes to business owners who need a more comprehensive medical coverage plan it may be that other health insurance options should be explored.