Term Medical Plans

Term Medical plans resemble what health insurance looked like before the Patient Protection and Affordable Care Act. These health plans tend to be more affordable than group or non-subsidized ACA plans.

Most everyone has heard of “Term Life” insurance. Although not everyone can qualify for Term Life insurance, it can be a good fit for some. “Term Medical” is very similar, but instead of protecting against an unexpected death it is protecting against unexpected medical bills.

Term Medical plans are underwritten and available for families and individuals. Similar to Life Insurance, these plans run on a defined term – anywhere from 1 month to 364 days. In some states, even 3-year plans are available. These coverages tend to be very affordable, but cover only unexpected events.

Term Medical Benefits & Considerations
Benefits:
  • PPO Networks. Term plans have wide networks, such as PPO networks, which allow you to get a wide variety of doctors and hospitals with no state lines. 

  • Affordable Rates. Since Term Medical plans can be underwritten and don't cover past or old healthcare concerns, premiums are generally more affordable than ACA plans.

  • Several Deductible Options. There are multiple deductible options available ($1k-$12k+).

  • Many Options for Length of Times. Ranging from 1 month to 3 years, you can customize your plan to fit your family's needs.

Considerations:
  • PPO Networks. Term plans have wide networks, such as PPO networks, which allow you to get a wide variety of doctors and hospitals with no state lines. 

  • Affordable Rates. Since Term Medical plans can be underwritten and don't cover past or old healthcare concerns, premiums are generally more affordable than ACA plans.

  • Several Deductible Options. There are multiple deductible options available ($1k-$12k+).

  • Many Options for Length of Times. Ranging from 1 month to 3 years, you can customize your plan to fit your family's needs.

3 Year Plans

3-Year Term Medical plans are one day less than 3 years long. These plans have special rules around preventative care, doctor office coverage and prescription coverage. With these differences, these plans become more desired. For example, some carriers allow preventative coverage, up to $200 per year, after the first 6 months of coverage.

 

Similarly, 3-year plans generally cover doctor visits and prescriptions with various amounts of copays and coinsurance.

 

These plans tend to be a wonderful fit for those who have families and want more than catastrophic coverage, and are willing to pay a slighter higher monthly cost.

 

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