How much does short-term health insurance cost? | Get Smart Get ...

The report showed that, in 2011, individuals paid $67 per month on average for a short-term health insurance policy with a $1,821 deductible, while families paid $153 per month for a short-term plan with a $1,877 deductible. Our report also highlighted the average price in 25 states and the District of Columbia, as well as the average length of a short-term policy, which was six months (184 days). The report also broke out key benefits of the average policies, including prescription drug coverage and coinsurance levels.

This is the first ?Cost and Benefits of Short-Term Individual Health Insurance Plans? report we?ve issued by eHealth, although we?ve been publishing reports on the cost and benefits of individual and family major medical plans since 2001.

We did this report, in part, because many consumers who are reentering the workforce have to endure a waiting period of six to twelve months before their employer-sponsored coverage kicks in. In a survey we ran of small business owners earlier this year, 53% of small employers said they imposed waiting periods sometimes (10%), or all the time (43%), before extending group health coverage to new employees. For new workers in this situation, short-term health insurance can be a very viable option. But, it is important to understand how these short-term products work.

Short-Term Health Insurance Defined

Individually purchased short-term health insurance policies differ from major medical health insurance in a number of ways. Short-term health insurance policies are optimal for individuals and families in transition who are confident they?ll have access to major medical health insurance within six to twelve months. Scenarios in which consumers may want to consider a short-term plan include:

• People transitioning from one job to another, and using short-term coverage during a waiting period before their new employer-sponsored health insurance begins.
• Employees taking a leave of absence from work and do not having continuing group coverage.
• Young adults without access to a parent?s health insurance policy may also use short-term health insurance as a stop-gap measure until renewable major medical health insurance coverage becomes?available.
• Recent graduates that are still job-hunting and do not have access to group coverage or cannot afford individual major medical coverage.
• Other situations in which someone is looking to fill a short-term gap in coverage.

Check Short-Term Insurance Costs

Short-term Health Insurance Premiums By State

The report also provides state specific data on plans sold in 26 states where eHealthInsurance had customers enrolled in at least 100 active policies in 2011. These states include: AZ, CA, CO, CT, DC, FL, GA, IL, IN, KS, MD, MI, MO, NC, NV, OH, OR, PA, SC, TN, TX, VA, WA and WI.

Source: http://blog.ehealthinsurance.com/2012/07/how-much-does-short-term-health-insurance-cost/

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