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How to Save Money on Short Term Health Insurance

ACA Requirements and Exemptions International Students

Short term health insurance plans are much less expensive than ACA health insurance plans. However, short term medical insurance doesn’t qualify for tax subsidies or exemptions. In other words, you will have to pay the full price.

A premium is the amount of money you pay for an insurance plan. On top of your premium, short term health insurance has several out of pocket costs.

Keeping the following suggestions in mind will help you save money on your short term medical insurance premium:

  • Higher Deductible

    You will have to pay the deductible before your plan starts providing coverage. Therefore, if you choose a higher deductible, you will have a lower premium.

  • Lower Policy Maximum

    If you were to get sick or injured, short term health insurance would pay up to the selected policy maximum. Therefore, if you choose a lower policy maximum, your premium will be lower.

  • Higher Coinsurance

    After the deductible is met, short term medical insurance will pay up to a certain percentage before providing coverage up to the selected policy maximum. If you choose a higher coinsurance (such as 50/50 instead of 80/20), your premium will be lower.

  • Higher Out-of-Pocket Limit

    If you choose a higher out-of-pocket limit by paying more coinsurance, your premium will be lower. For example, a plan with 80/20 coinsurance up to $5,000 would cost more than a plan with 80/20 coinsurance up to $10,000.

  • Premium Frequency

    Many short term health insurance plans allow you to make either monthly payments or a single upfront payment. If you know the exact duration for which you would like to be insured, you should select a single upfront payment, which can save you anywhere from 20% to 25% in premium.

  • Deductible Type

    Some short term medical insurance plans allow a single deductible for the entire duration while other plans allow you to choose a deductible per incident (accident/sickness). A plan with a per-cause deductible would cost less compared to a plan that has one deductible. You can save around 8% to 10% in premium with this strategy.

  • PPO Network

    When you visit healthcare providers within your PPO network, your coinsurance and out-of-pocket maximum will be much lower compared to visiting outside the PPO network provider. Some short term medical insurance plans don’t provide any coverage outside the PPO network. Therefore, whenever possible, stay within the PPO network.

  • Refundable Plan

    Some short term health insurance plans are refundable. These plans will either provide you a pro-rated refund for the unused portion or will simply allow you to stop paying installments from the time of cancellation. Make sure to review the cancellation rule carefully before selecting a plan.

Many short term health insurance plans have an enrollment fee (such as $25, $35 or $50). Additionally, many short term medical insurance plans also have a monthly membership fee (such as $15, $25). When shopping for temporary health insurance, don’t only look at the premium—look at the plan’s overall cost.

Did you know?

Prices are regulated by law.

You cannot find a lower price anywhere for the same product.

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Why purchase insurance from Insubuy®?

Same Price. Better Service.®

There are many advantages in purchasing from Insubuy® and no disadvantages.

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Visiting USA?

Healthcare costs are very high in the U.S.

Buy U.S. based visitors insurance and enjoy your trip.

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Traveling abroad?

Did you know that your insurance may not cover you abroad or that it may only provide limited coverage?

Purchase travel medical insurance that includes emergency medical evacuation.

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New immigrant to USA?

You would not be eligible to enroll in Medicare for the first 5 years.

Purchase new immigrant medical insurance to bridge the gap.

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Going on a vacation?

You could lose your non-refundable trip costs if you had to cancel your trip.

Buy a trip cancellation insurance package plan and be worry-free.

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Are you an exchange visitor to USA?

The U.S. Department of State requires all J visa holders to purchase compliant insurance.

Buy J visa medical insurance to meet your requirements.

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Traveling to Europe?

Schengen countries require most non-US citizens to purchase Schengen visa insurance.

Make an instant purchase online and get instant visa letter.

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Traveling frequently throughout the year?

You don’t need to purchase travel insurance for every trip.

Purchase annual multi trip travel insurance for your travels.

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International student in the U.S.?

Most schools require international students to purchase health insurance.

Purchase international student health insurance that meets most school requirements.

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