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The health insurance industry has evolved with the changing needs of the customers. There is now a wide range of innovative plans available to meet different kinds of needs. Even buying an insurance policy is now a matter of a few clicks. With so many online platforms and insurance providers, you can compare plans and shop around sitting at home and buy a policy without doing cumbersome paperwork. In addition to long-term comprehensive health insurance plans, there are short-term health insurance plans also available to meet specific needs.
Read this blog to find out the meaning, coverage and benefits of short-term health insurance plans.
A short-term health insurance plan is a plan offering coverage for a short term of 12 months or less. Such a plan provides immediate temporary coverage for an emergency or special requirement. The coverage period can range from 30 days to 12 months. Here are some key features of a short-term health insurance plan.
There can be many situations when you might need health insurance for short term. Following are the situations for which short-term health insurance is suitable.
If you are changing jobs and covered under employer’s health coverage only, you will lose mediclaim benefits. You will be without any health insurance coverage till you join the new organisation. In such a situation it makes sense to invest in short-term health insurance to cover the insurance gap during the transition period and stay financially secured.
Such plans are suitable for NRIs or students visiting India for a few months only. It is a good idea to have short-term insurance coverage for your stay in India to stay financially secured and avail of cashless treatment.
Short-time health insurance is suitable for individuals looking for affordable coverage to meet specific requirements like pre and post-hospitalisation expenses. It also comes in handy to get coverage while serving the waiting periods of an existing long-term health insurance.
Short-time medical insurance provides coverage for many medical expenses depending on the terms and conditions of the plan. Some common expenses covered are given below.
>> Also Read: Short Term Vs Long Term Health Insurance
Buying a temporary health insurance plan is recommended if you are in between jobs or travelling for a limited time. Here are some of the benefits of short health insurance that make it a good option to cover you for a short duration.
Short-term medical insurance plans can be easily customised to suit your requirements. You can choose policy duration and cancel the plan when not required.
Temporary medical insurance has lower premiums compared to a long-term health insurance plan. Hence such plans are affordable to meet your short-term medical needs.
Temporary insurance coverage can be easily purchased online. You can explore various coverage options and compare plans to find the best short-term health insurance at the best price without any hassle or complicated documentation. However, it is advised to read the policy document carefully before making a purchase decision.
If you decide to renew your short-term health insurance plan after completing a claim-free tenure, you get a no-claim bonus discount, which further reduces its premium.
Short-term health insurance covers expenses for preventive health check-ups making it useful if you are travelling and want to keep a check on your health.
It helps you fill in the coverage gap during an emergency, or job transition or provide coverage during your travel.
You can also enjoy tax benefits on the premium you pay for short-term health insurance under section 80D of the Income Tax Act.
Short-term health insurance plans are the best choice to fulfil your immediate coverage requirement with temporary health insurance. With its affordability and flexibility, it is the best choice for young adults and students who are always looking for a change but also need financial security. However, note that such a plan can be used to bridge any coverage gaps but cannot replace a long-term comprehensive health insurance plan which provides full-fledged health insurance coverage for a wide range of medical expenses. When it comes to buying comprehensive coverage, you can consider Care health insurance that comes with affordable premiums yet maximum coverage. Allow our experts to connect with you to know more about these plans.
Disclaimers: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter’s discretion.
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