What is Short-Term Health Insurance?

With the changing preferences of consumers and technological advancements in India, the healthcare industry has evolved over time. Numerous medical insurance plans have been introduced to help individuals easily meet their requirements. While long-term medical insurance provides comprehensive coverage, there are times when individuals require medical insurance plans for temporary coverage. This is where short-term health insurance plans come into the picture.

 

Wondering what is a short-term insurance plan or how the plan can be beneficial? This blog will question all the queries. Keep scrolling through to know the details.

 

Short-Term Health Insurance: An Introductory Guide

A short-term health insurance plan refers to a temporary medical insurance plan that provides medical coverage for less than 12 months. This plan offers immediate coverage to the policyholder and is the ideal plan for:

 

• Individuals who are in between jobs and are no longer covered under group medical insurance
• Recent college graduates
• Individuals waiting for long-term coverage to begin

 

Short-term health insurance plans provide some coverage for preventive care, doctor visits, urgent care, and emergency care.

 

Features of Short-Term Health Plans

After getting a detailed description of what short-term health insurance and its benefits are, let's move forward to understand the plan's significant features. Below listed are some of them for you to explore:

 

• As the name says, short-term plans have a duration of 12 months or less than that.
• The plan requires frequent renewal because the coverage ends quickly.
• Due to the limited duration, short-term plans generally exclude coverage for major illnesses, maternity care, and pre-existing conditions.
• Short-term plans feature reduced premiums compared to long-term plans due to their shorter coverage periods.

 

Benefits of a Short-Term Health Insurance Plan

Short-term health insurance in India offers numerous benefits to help cover medical emergencies and sudden illnesses. Some of them include:

 

Affordable

Short-term plans tend to have lower monthly premiums than traditional medical insurance plans. This makes them an attractive option for individuals between jobs, waiting for employer-sponsored coverage to begin, or seeking a more budget-friendly option.

 

Flexible

Short-term plans typically offer more flexibility in terms of coverage duration. Depending on the insurer and state regulations, they can be purchased for as little as 30 days or up to a year. It can be helpful for individuals who only need temporary coverage or are waiting for open enrollment to enroll in a long-term plan.

 

Customised Coverage

These plans may offer customisable coverage options, allowing individuals to select the plan that best suits their needs and budget. While these plans may not offer comprehensive coverage like long-term plans, they can be tailored to provide essential benefits such as doctor visits, emergency care, and prescription drug coverage.

 

No Claim Bonus (NCB)

A No Claim Bonus (NCB) is provided to short-term insurance policyholders who have not filed any claims during the previous policy year. The NCB can be utilised to receive a discount on renewal premiums or to increase the insured sum amount.

 

Easy and Quick Enrollment

Short-term plans often have simpler enrollment processes and quicker approval times than traditional ones. This is beneficial for individuals who need coverage immediately and cannot wait for a lengthy application process.

 

Inclusions Under Short-Term Health Insurance

Under this plan, the following medical procedures are covered:

• Hospitalisation expenses
• Day-care treatment
• Ambulance charges
• Organ donor expense
• Surgery and operation theatre expenses
• Pre and post-hospitalisation expenses

 

Eligibility Criteria for Short-Term Health Plans

To apply for the plan, individuals need to meet certain eligibility criteria the insurance provider sets. Usually, the requirements set by different insurance providers differ, but here are some of the general ones to consider:

 

• Age Eligibility: Individuals between 18 and 65 can qualify for short-term medical insurance India plans.
• Pre-existing Conditions: Some insurers may impose restrictions on pre-existing conditions, potentially excluding or limiting coverage for such ailments.
• Residency Requirement: These medical insurance plans in India are typically accessible to country residents, encompassing citizens and non-citizens living within its borders.
• Health Disclosure: Applicants may need to furnish a health declaration detailing their medical history and existing conditions.

 

Wrapping Up

Short-term health insurance in India offers temporary coverage for individuals seeking immediate coverage. Its cost-effectiveness, adaptability, and rapid accessibility make it a valuable choice for those encountering transitional phases or awaiting the commencement of long-term coverage.

 

Niva Bupa is the best health insurance company in India that offers numerous medical insurance plans according to the individual's requirements and budget. With a network of 10,000+ cashless hospitals, we ensure that policyholders stay financially secure during emergencies and can avail themselves of the best treatment possible. Our plans are especially tailored to help policyholders meet their needs while ensuring they can enjoy the tax benefits.

 

So, wait no more! Safeguard your well-being with Niva Bupa's medical insurance plan.