Short Term Insurance

Almost all people are currently insured. From infants to old men, we can all get insurance.  Rising medical costs make individual health insurance a necessity. One accident, one serious illness, or one debilitating condition can destroy a lifetime of wealth. Occasionally, individuals may find themselves temporarily without individual health insurance due to graduating from college, changing jobs, or becoming too old to remain on their parents’ policy.

Axis Capital group, with a group of insurance and reinsurance companies all over the world from our main base in Bahamas to other states in America, Europe, Australia and Singapore has seen people go without insurance for months while they are still waiting for their next employment to offer them health insurance. What we recommend for this is to get a short term health insurance.

Short term health insurance is temporary coverage designed to fill gaps in coverage.  Typically, short term plans offer coverage up to six months, although some plans may offer coverage up to 11 months. If you think you’ll need coverage for a longer period of time, you can consult your insurance agent or review your plans and premiums and talk to us about it.

The application process for short term health insurance is usually simpler than renewable health insurance. Short term health insurance plans are designed to protect against unforeseen accidents or illnesses, rather than to provide comprehensive coverage, and, as such, typically do not include coverage for preventive care, physicals, immunizations, dental or vision care. This policy is a trend nowadays in developing nations like Kuala Lumpur, Malaysia, Jakarta, Indonesia and Tokyo, Japan where number of people change their jobs from time to time.

Many healthy individuals are able to receive short-term comprehensive coverage for less cost each month. For some, the premium may be even less. The important things to know before signing onto a policy are what is covered, how much you must pay, and any other restrictions or responsibilities the insurance company requires of you to lessen complaints in the end.

Short term health insurance plans typically do not cover preexisting medical conditions. The definition of a preexisting condition varies by state, but, in general, short term health insurance policies exclude coverage for conditions that have been diagnosed or treated within the previous 2 to 5 years. If you have an existing medical condition, you may want to research whether you can extend your current insurance. Employer-sponsored insurance may be extended under a government-regulated option commonly referred to as COBRA (or similar state program), which you should seriously consider if you have an existing medical condition.