Best Short Term Medical and Health Insurance Options in 2024

Best Short Term Medical Insurance Options

Short-term medical insurance is typically a coverage option that is used for basic health needs for six months or less due to an unexpected event, such as job loss. Short-term medical coverage can vary based on the plan from only including basic emergency care, to full coverage under more expensive programs. 

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Best Short Term Medical Insurance Options

Short-term medical insurance is designed for individuals with a lapse between primary medical insurance plans but can sometimes be used for those who are seeking care for emergency situations only or those who do not have regular medical and prescription needs. Short-term coverage is usually less expensive than long-term coverage plans.

Individuals experience lapses in insurance for many reasons. Unemployment, job transitions, and a change in company insurance providers may be a few possible reasons to seek short-term medical insurance. When considering which short-term coverage option to select, it is important to consider the cost, amount of coverage, and duration of the plan.

Some of the top options for short term medical insurance are:

1. Consolidated Omnibus Budget Reconciliation Act (COBRA)
2. Medicaid
3. Children’s Health Insurance Program (CHIP)
4. Affordable Care Act (ACA) Marketplace Insurance
5. Independent Health Insurance

When applying for short-term coverage, the applicant will often be required to fill out a medical history document. Certain providers may disqualify an applicant from coverage based on certain medical conditions such as weight (as a marker for developing diabetes), pregnancy, or certain diseases such as HIV/AIDS.

Some applicants may also be disqualified from receiving short-term medical insurance if they are eligible for the federal Medicaid program. Note that short-term coverage can also be used as a transition between employer coverage and being approved for coverage through Medicaid.

It is important to consider applying for short-term health coverage in the case of an emergency. Medical care is considerably more expensive without insurance and can cost you more to not have coverage in the long-run

Now let’s dive into each of the best short-term coverage options with a bit more detail.

1. Consolidated Omnibus Budget Reconciliation Act (COBRA)

COBRA is for individuals who were previously covered under a group or employer insurance plan and wish to continue their coverage under their previous insurance provider. COBRA coverage is able to be applied to dependents who were also previously covered under the group insurance plan.

COBRA health insurance is often one of the most expensive options for short-term medical insurance. While costs may vary, an individual will pay no more than the full premium of your coverage and a 2% charge for the service. 

This will often be a sharp increase in the price previously paid for the insurance as the employer often pays the majority of the cost. If COBRA is being used as you transition between jobs, your new employer may be able to reimburse the cost of COBRA until your new long-term medical insurance begins.

When considering the tax implications of using COBRA insurance, remember that income taxes will be taken out of an individual’s total income before COBRA is paid for. This will generally be a larger tax than if the cost of medical insurance is paid before the income tax is taken out.

Detailed information about applying for COBRA and other information can be found on the COBRA government websit