A short term health insurance plan is a kind of medical insurance policy that offers coverage for a limited period of time. Typically, short term health coverage lasts for a period of up to 12 months. The best short term health insurance plans offer temporary coverage for any medical emergencies or requirements. And above all, they can be more affordable than their long term counterparts, since the premiums are on the lower side.
This kind of health cover includes financial protection for preventive care, emergency medical needs, doctors’ consultations and any other urgent medical requirements. Short term health insurance coverage can be extremely useful if you are temporarily uninsured on the health front, or if you want to access health insurance coverage at affordable costs.
Short term health plans offer many benefits for the policyholder. If you are planning to buy a short term health insurance plan, check out how these policies can have a positive effect on you and your finances.
If your long term health insurance coverage needs to be renewed, but you do not have the budget to accommodate the premium for the same, putting it off can leave you uninsured in the interim period. At such junctures, short term health plans can fill in any gaps in your insurance coverage without bringing on any additional financial stress.
The best short term medical insurance plans typically offer you a wide range of coverage benefits at reasonable premiums. Also, since the coverage is only for a limited short term period, the risks associated with it are lower. So, insurers charge lower premiums for short term health insurance coverage than long term medical plans.
The best short term health insurance plans can also offer a number of additional benefits such as free annual checkups and No Claim Bonus. With these additional features, you can maximize your benefits over the short term, making your policy very cost-effective when you compare the premiums with the advantages.
In addition to the benefits outlined above, you also get to enjoy tax benefits under section 80D of the Income Tax Act when you buy short term health insurance. As per this section, the premium you pay for your insurance plan is deductible from your total taxable income up to Rs. 25,000 per year.
You are the best judge of whether or not you need short term health coverage. However, it can always help to be aware of the situations in which short term health insurance plans can be useful. Here are some such scenarios.
If you only have your employer’s health insurance cover, and you are planning to switch jobs
If you are an NRI visiting India for a few months at a stretch
You are looking for an affordable health insurance cover temporarily
There is a gap in your health insurance coverage
Aside from these scenarios, you can always opt for the best short term health insurance plans if you wish to have your long term medical cover at affordable premiums.
Just like in the case of long term coverage, it is important to pay your premiums promptly if you choose to buy short term health insurance too. This way, you can continue to enjoy the benefits offered by your short term medical insurance plan without any interruption.
Yes, you can certainly purchase a short term medical cover as well as a long term medical plan if you need both. Remember to factor in the premium costs of both the plans before you make your purchase.
You can find short term health insurance plans for various budgets. And in most cases, they are often more affordable than long term health insurance plans. You can always compare your options and pick the most affordable cover.
Typically, short term health insurance coverage lasts up to 12 months or 1 year.
Yes, you can definitely buy more than one short term medical plan if you need them. There is no limit as such on the number of health insurance plans you can have.
You can search for and compare the different short term health covers available online to find the plan that best suits your individual needs and requirements.