Medical cover or health insurance is the most important thing for individuals nowadays because no one knows when one can fall ill or any when any disease can catch him/her, so health insurance is very necessary. If the bread winner of the family gets ill then who will earn livelihood. So, in today’s world health insurance should be everyone’s priority. It has many merits, we will explain them to you in the following paragraphs.
It can protect you from damage
Maximum no. of people living in the world are not insured and as the competition is rising day by day people are getting unemployed. As the result of unemployment they are lacking funds to earn their livelihood and most importantly their health and health of their family which was previously covered by their respective employers. And after being unemployed many of them are neglecting it like an extra expense which results is risking their and their family’s and putting it on sake. These kinds of individuals are not having any idea about any other resort by which they can tackle this difficult situation. One such example is Short-Term Medical Insurance.
So now the load is on the redundant to gather information about health insurance options and chose one according to his need and preference. The dilemma is, maximum no. of people don’t even know that they can get “shot-term insurance” cover. It can act as a bridge to permanent health insurance plans and can help uncountable individuals, as per Raj Bal, Senior Vice President Specialty Products at Fortis Health.
So the question now is, how can you tackle this situation? Very simple- person should be willing to do and must attain a little common sense.
Covering is Hazardous to workers, if in continuity
“Continuing health insurance coverage is important for individuals and families, but sometimes with the high costs, they decide to go without, placing them at risk for financial ruin in the event of an unexpected major medical catastrophe,” says Bal.
The most notable merit of Short Term Medical insurance is that it more economical as well as effective than COBRA insurance (the coverage that employers offering group health coverage must offer by federal law). Additionally, if the members of employer group are less than 20 then they need not provide COBRA to their employees. A large portion of small employer-based workers, along with the self-employed, do not have access to continuing coverage.
It is Economical
Employers who are having more than 20 employees get qualifies for coverage according to federal law. COBRA is provided to displace workers and its coverage too is expensive, it may vary from $3,000 for individuals and $8,000 per year for family coverage (averagely).
Short-Term Medical is an affordable solution in one-third of amount if compared with COBRA. This plan targets healthy people in various situations, which contain:
Workers who have been redundant or are in between jobs
Employees starting positions who are facing the health insurance “waiting period”
College students who are no longer covered under their parents’ plan following graduation
Employees in seasonal or temporary positions
Early retirees who have a short waiting period for Medicare
Individual who is insured under Short-term medical insurance has authority to pick whatever price left after the deductions. (Note: short-term medical does not cover pre-existing conditions). In case of speed, coverage (from companies like Fortis) can be initiated on the very next day too.
Most importantly burden of debt can only be reduced if you deduct unnecessary expenses such as eating outside, regular consumption of alcohol and such other things and prepare a monthly budget and spend according to it. It will surely help in making you aware that where you are over-spending or spending unnecessarily and how it can be reduced, and this act will finally omit stress from your lives and will make you a cheerful and jolly person.