Differences Between Short Term vs Long Term Health Insurance

April 17, 2018


Health Insurance, Insurance

Thinking of a reliable health insurance plan to suit your needs? Before you opt for an insurance plan you need to ask yourself 2 questions what you need to cover in your insurance plan and for how much duration. In case of health insurance both plans- short term and long term works effectively. Short term insurance plans work for those who are looking for insurance plans for a year or less. While the long-term health insurance works well with those individuals who have a prolonged illness or serious health condition for years.

Differences Between Short Term vs Long Term Health Insurance

Short- term insurance plans work out well for those persons who want medical coverage for recent medical condition and travel coverage while he or she is traveling outside or within the United States of America. But, the long-term health insurance covers all the medical expenses of an individual and his family members.

Short- term insurance

Here are some of the aspects you need to know about Short Term Health Insurance. This is explained as below:

  1. Short-term health insurance plans are also called travel plans which covers expenses for your travel, and medical if you have serious medical condition during the course of your travel. These plans allows you to choose your desired plan in a cheap price.
  2. However, short-term insurance plans gives you coverage for only one year to two years. This includes your travel plan, hospital expenses of new illness or fresh injuries during your travel, lost luggage and also expenses lost during trip interruption. However, travel health insurance or short-term health insurance does not cover of maternity and current medical condition.
  3. These insurance plans work out well for those individuals who are frequent travelers to other countries. Moreover, it is also helpful for students studying in a distant country. They can use this plans to achieve benefits of lost luggage, refund of tickets, etc.
  4. Since short-term health insurance plans are available for shorter duration of time. It is also affordable as $38 / month or $1 or less / day. It depends according to your age. This interpretation of price is for those individuals who are under the age of 30. Moreover, short-term health insurance policies also save you from the cost of renewing the policy every year.
  5. Short term insurance plan offers worldwide coverage from any part of the world even outside your native country.
  6. Short-term health insurance plan is quite affordable. This allows you to recover more coverage for less. For example, if you misplace your expensive item or you are required to cancel your flight or hotel ticket for some reason. This plan allows having the refund at a cheap price.
  7. If the short-term health plan you have is under the name of both the spouses then coverage for your child is free.

Long-Term Health Insurance

Here are some of the aspects you need to know about Long Term Health Insurance. This is explained as below:

  1. In a long-term health insurance plan, it involves an individual or his family’s major medical conditions. It allows you to keep the same plan of various options and benefits for a longer period of time. This insurance is expensive than the short-term ones and is also required to be renewed every year.
  2. Long-term health insurance plan is less flexible than the short term plans. While the short-term plans allow you to choose your options. Long-term plans do not allow you to choose your plan. However, it covers all the expenses and also provides wide benefits with utmost care.
  3. While you get a long-term health insurance plan, you need to provide extensive detail of your health and health ailments. This piece of information determines if you are eligible for the health insurance or not.
  4. Long-term insurance plans are for those individuals and family who want cover for a longer period of time, and also are living far away from their place in a foreign land more than a year or two.
  5. Anyone with current medical conditions can take this insurance plan, Moreover, even maternity also is covered under this plan.
  6. There are no limitations of long-term health insurance plans because it generally covers all types of medical emergency expenses.
  7. In the United States, the expenses of health are quite expensive. Though it is expensive than the short term plans, it is proved beneficial for the long run. The best factor about this plan is that it covers all your medical expenses including the fees of doctor visit too.
  8. In the United States of America, the health insurance premium is paid monthly and renewed every year. For example, the Global Medical option will cost you $265 per month for a family of four. However, for the same coverage, other countries pay $200 per month.
  9. Paying off premiums for long term health insurance is quite flexible, You can also choose your payment cycle in months, quarterly, half-yearly and yearly.
  10. Long- term health insurance plans can cover maximum till $5,000,000 USD covering minor illness to a major health condition or any major injury.

So, here are the most important knowledge for you to know about short term and long term health insurance policy. If your needs are suitable for a short-term health insurance plan then our Atlas Travel plan is the best option for you. This will provide you great coverage for up to 1 year. But, if you consider taking the long-term health insurance plan, then the Global Medical plan is best for you. It will provide you long-term benefits with an option of getting maximum $5 million health coverage. This allows its customers to enable coverage for maternity, dental and vision ailments.

Still, if you are not sure of choosing the right health insurance plan for you, then you must consider discussing with your insurance agent for detailed information. Moreover if still, you are not satisfied with your query then you are free to contact us for an extra guidance and help.

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