There are short-term health insurance policies for people who cannot afford comprehensive health insurance coverage. Typically, it refers to temporary health insurance that provides medical coverage for less than 12 months. While this plan offers immediate coverage to the policyholders, it is ideal for people who are in between jobs and are no longer covered under group medical insurance. Also, it's for people who are either recent college graduates or those waiting for long-term coverage to begin.
As the healthcare landscape in India evolves, insurance companies are exploring offering short-term health insurance policies tailored to meet the diverse needs of consumers.
Short-Term Health Insurance Offerings which Insurers are exploring shall be in line with current annual coverages such as:
Hospital Stay Costs: “This policy helps pay for expenses if you need to stay in the hospital, including room charges, ICU costs, and medical procedures,” says Sharad Mathur, MD and CEO, Universal Sompo General Insurance
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Pre And Post-Hospitalization Expenses: Some plans cover medical costs you incur before and after being hospitalized, but only for a limited time.
Daycare Procedures: This includes costs for surgeries that don’t require a full day in the hospital.
Emergency Services: Coverage can include ambulance fees and emergency medical treatment.
Network Hospitals: Many short-term policies will have a list of hospitals where you can get treatment without paying upfront.
Premiums And Duration
Lower Premiums: “Short-term health insurance usually has lower premiums than regular health insurance, making it a more affordable option,” says Mathur.
Duration Options: These policies typically last between 1 to 12 months. Some plans may allow you to renew them, but certain conditions might apply.
Who Can Benefit
Travellers: Great for those travelling within India or abroad who need emergency medical coverage during their trip.
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Job Seekers: Useful for people changing jobs or waiting for their new employer’s health insurance to start.
Students: Helps local and international students studying away from home to get temporary health coverage.
Seasonal Workers: Beneficial for individuals in temporary jobs who might not have long-term insurance.
Important Things To Consider:
Before choosing a short-term health insurance policy, keep these points in mind:
What’s Covered: Check what the policy includes and any exclusions, especially related to pre-existing conditions.
Coverage Duration: Make sure the policy period meets your needs. Think about whether you might need longer coverage in the future.
Claim Process: “Understand how to file a claim, what documents you need, and how long it takes to get reimbursed or receive cashless treatment,” adds Mathur.
Network Hospitals: Look at the list of hospitals you can use to ensure they meet your healthcare needs.
Cost Versus Coverage: Consider if the premium is worth the coverage you’re getting.
Read The Details: Carefully read the policy to understand any exclusions and waiting periods to avoid surprises later.
Short-term health insurance can be a smart choice for those needing temporary coverage in India. By understanding the features and limitations of these policies, you can make informed decisions that best suit your health needs.
