Short-term health insurance, commonly known or labeled as “Gap Insurance” is not quite all it’s chalked up to be by many corporations and consumers alike. In fact, it’s worth mentioning that those whom seek and acquire gap insurance are not excluded from penalties for inadequate health insurance coverage in the United States.
This fact alone should reflect to any prospective customers or members the whys and how’s of true value, purpose, and coverage when considering various companies to acquire gap insurance. While many monthly medical insurance plans, or gap insurance plans are seemingly “cheap”, where there’s a rhyme there’s always a reason. Between high co-pays, a lack of flexibility, and total support or coverage for minor injuries or medical conditions, it’s no wonder why many stay away from such coverage plans.
On the other hand however, it is worth considering well-known brands or companies for medical insurance, and specifically requesting details or quotes for shorter-period coverage plans – perhaps 3 to 6 months at a time. There also, is the option of simply cancelling the plan following the time in which you no longer require it – however, don’t forget the reality of penalties or early withdraw fees in such hypothetical instances.
A lot of millennials are either neglecting to obtain health insurance coverage or finding themselves in grey areas. Unfortunately, inability to be eligible for government plans like Medicaid are not uncommon, so often these individuals are uncertain of what the most practical health insurance plan(s) may be for them.
As employers do often have their own health insurance plans for employees, it’s worth inquiring and discovering whether or not perhaps your employer has a temporary, or month to month health insurance plan or coverage available for you. Research, weigh, and compare your options in order to make the most responsible, practical decision moving forward.