What is the latest trend in Healthcare?
When it comes to health insurance, simple is not typically the first word that comes to mind. Sometimes, having too many choices can be overwhelming. What does each plan cover, specifically? What does the policy language really mean? In a digital world full of information, transparency is hard to find.
Short-term health insurance can be an affordable, viable health insurance option for many different types of people, including:
- Self-employed workers or Gig Economy employees
- People between jobs, or want an option to COBRA
- Those who do not receive health insurance from an employer
- Those who do not require a lot of health care services
- Adults aging out of a parent’s plan and require their own policy
- Recently widowed or divorced individuals who are in between coverage
- Child only policies
Short-term health insurance is a growing trend, just like becoming self-employed. Can you see the correlation between the two? Studies show that millennials, value flexibility and work-life balance in the workplace. It’s not surprising that short-term health insurance, which is available for people who do not receive health benefits from an employer, and freelancing are both on the rise.
What Is Short-Term Health Insurance?
If you’ve never heard of short-term health insurance, the name itself may be confusing, because you can get coverage anywhere from 30 days to three years depending on your state. See state coverage areas. Short-term health insurance is an affordable health insurance option that includes benefits for many medical services, including:
- Doctor visits
- Urgent care
- Emergency room care
- Ground ambulance trips
- Home health care
- Inpatient/outpatient hospital needs
- Outpatient physical therapy
- Child immunizations, and more
Also, short-term health insurance can protect your wallet from unexpected medical emergencies and provide you with benefits for everyday medical needs. Plus, short-term health plans now include renewability options. Pending on the state you live in, PPO plans are also available.
Short-term health insurance plans are available for application at any time with no Open Enrollment Period. So, if you’re between jobs, don’t receive health insurance from your employer, you’re self-employed, or you need coverage starting as soon as tomorrow, consider applying for a short-term health plan. Keep in mind that short-term health insurance does not cover pre-existing conditions, pregnancy, or mental health care. So, if your health needs require coverage for these conditions, then a more comprehensive plan would be a better fit for you.
Millennials and Health Insurance:
Did you know that millennials now make up the largest segment of the adult population? The majority of adults now fall under the millennial age range, and they’re changing the status quo when it comes to employment. Millennials have evolving priorities when it comes to career needs, like:
- Work-life balance
- Freedom to set their own schedule
- A positive work environment
Millennials are changing how they work. 20 percent of millennials have switched jobs in the past year. As of 2017, 50 percent of millennials worked a freelancing job. Why aren’t millennials staying put in their traditional corporate careers? Studies show that they’re burnt out and want more work-life balance.
But what about health insurance benefits? Many freelancing jobs do not provide health insurance for employers, so self-employed workers typically purchase health care plans on their own or not at all. Health insurance benefits have been tied to the workplace since the 1940s, but studies suggest that millennials now value a flexible work schedule over company-provided health insurance benefits.
So, how can health insurance companies support the growing population of freelancers? By paying close attention to millennial health insurance needs and evolving alongside them. Studies show that millennials are unsatisfied by:
- Appointment wait times
- Convenient availability
- Office efficiency
- High cost for care
- Lack of support by health care providers
Instead, they’re looking for:
- Patient-provided reviews of physicians
- Option to book appointments and pay medical bills online
- Better customer service
- Lower monthly premiums
Learn More: How AI will Disrupt Health Insurance in 2019
The future trend is flexibility, transparency, and ease, contact us to learn more on how to begin offering Short Term Medical plans to your clients or watch the video at the top of the page.