To see whether Medicare is short or long-term, distinguishing factors must be highlighted first. To understand which category Medicare falls into, these types of insurance plans should be discussed in reference to Medicare.
What Is Short-Term Insurance?
Short-term insurance is for when you are between insurance plans. If you’ve just been dropped from one form of coverage and you’ve got no health insurance at all, you can sign up for a policy that will cover you anywhere between 1 to 12 months. This is a short-term fix, as the high deductibles and lack of coverage regulation make this impractical in the long run.
Short-term is still better than not having health insurance at all. And, it can be a great option when there is a long-term health insurance option in mind for the future. Also, there is no set signup period for short-term health insurance. No need to wait for enrollment periods. Yet in a way, it is purchased with the anticipation of another insurance’s enrollment period.
And obtaining a short-term health insurance policy with sights set on a reliable long-term health insurance plan is where Medicare comes in.
Short-Term Health Insurance and Medicare
One particular incentive for joining a short-term health insurance plan is if you are in good health but under the age of 65. Another is that many will sign up for a short-term health insurance policy to have it until they’re able to get Medicare. The under 65 part should be emphasized because 65 is the age at which one is newly eligible for Medicare.
In other words, Medicare isn’t a short-term plan. Instead, Medicare may be the motive behind joining a short-term plan.
Contrasts Between Short-Term Health Insurance and Medicare – Medicare Is Long-Term
There’s a stark contrast here. Medicare is a long-term plan. The appeal is that it doesn’t expire — it’s not like term life insurance. It’s good for as long as you have it, and to have it, you will have affordable premiums which can be further reduced by opting for a supplement plan. Medicare is also subject to more stringent regulation and scrutiny. There are rules it has to follow. The same can’t be said for short-term insurance, as benefits and costs can vary considerably between plans.
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