Can Short-Term Health Insurance Be Renewed?
Short-term health insurance plans are typically designed to provide temporary health coverage for people who are between jobs, waiting for a new employer-sponsored plan to start, or who need coverage for a specific period of time. These plans can be purchased without having to wait for the annual open enrollment period, and they can be renewed multiple times.
How many times can you renew short-term health insurance?
The number of times you can renew short-term health insurance varies by state. In most states, you can renew your plan up to three times, for a maximum of 36 months. However, some states have shorter renewal limits, and others do not allow short-term health insurance renewals at all.
There are several benefits to renewing short-term health insurance:
- You can avoid having to go without health coverage.
- You can keep your same doctor and other healthcare providers.
- You can avoid having to start a new deductible or waiting period.
- You may be able to negotiate a lower premium if you have a good claims history.
There are also some drawbacks to renewing short-term health insurance:
- Your pre-existing conditions may be excluded from coverage on subsequent renewals.
- Your premium may increase each time you renew.
- You may have to reapply for coverage and meet medical underwriting requirements each time you renew.
Should you renew your short-term health insurance plan?
Whether or not you should renew your short-term health insurance plan depends on your individual circumstances. If you are happy with your current plan and you can afford to renew, then renewing may be a good option for you. However, if you have any pre-existing conditions, you should carefully consider whether or not you are willing to risk having them excluded from coverage. You should also be aware that your premium may increase each time you renew.
If you are unsure whether or not to renew your short-term health insurance plan, you should talk to an insurance agent or broker. They can help you understand your options and choose the plan that is right for you.