Many employers have a wait period before new employees are
eligible for health benefits, often 30 or 90 days.
Employees coming from other employers can often fill in
the coverage gap with COBRA, but those without prior
coverage can gain peace of mind in the meantime with a
short-term plan.
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Cover Your Bases with Short-term Health |
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Why care?
As an employer you want to make a good first
impression on your new employees. If you have a
benefits wait-period, informing new employees about
the availability of short-term coverage shows them
you're looking out for their best interests.
Short-Term Coverage Basics
Applicants for short-term coverage can choose a
deductible and premium with which they're comfortable,
for periods of 30-185 days. Deductibles range from
$250-$2000. See below for sample premiums.
What's covered...
Short-term plans cover services due to illness, injury
or accident, including:
- Inpatient / outpatient physician services
- Most hospital charges
- Prescription drugs (after deductible)
- X-rays and lab exams
Some plans also include preventive screening
programs.
What's not covered...
Short-term plans generally do not cover:
- Pre-existing conditions (except with prior
coverage within previous 63 days)
- Routine exams and immunizations
- Pregnancy and childbirth
- Nursing homes, convalescent homes, extended care
facilities
- Routine dental and vision care
- Injury or sickness covered by workers'
compensation
What it costs...
Here are some rough sample one-payment premiums:
Age 19-29
- 30-day $250 deductible: $90
- 90-day $250 deductible: $300
- 30-day $1000 deductible: $45
- 90-day $1000 deductible, $145
Age 30-39
- 30-day $250 deductible: $115
- 90-day $250 deductible: $350
- 30-day $1000 deductible: $60
- 90-day $1000 deductible, $195
Age 40-49
- 30-day $250 deductible: $150
- 90-day $250 deductible: $500
- 30-day $1000 deductible: $85
- 90-day $1000 deductible, $260
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Help us help you! |
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Help us serve you better! If you run into a
challenging benefits issue, let us know! We'll work
with you to find a solution-and help others.
Thanks for being our client! We appreciate your
business.
We want to make your job easier. Call us at
800.733.8692 or...
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The information in this bulletin is provided as a
courtesy to our clients and does not represent or
replace legal and/or financial advice from a
professional attorney and/or accountant.
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A Message from Account Manager Cecilia Paul
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Welcome to the third issue of our newsletter for
benefits administrators!
We know you're busy taking care of business. We
want to help make your employee benefits
administration as easy as possible.
If you have an issue you'd like to see covered, let
us know.
Or if you have a benefits question, please email me at
cpaul@shargel.com |
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