1. Available Year-Round
This year, Open Enrollment lasts from November 1, 2017 to December 15, 2017. If you did not file for insurance in previous years, chances are you will not be able to get coverage until those dates. For those that don’t want to wait for Open Enrollment, Companion Life short term medical is the perfect solution solution. Since it’s not qualified health coverage, you can purchase it outside of Open Enrollment.
2. Covers Up to a Year
Unlike other short term plans, which only offer 90-day coverage periods, Companion Life offers coverage year-round to clients. Whereas other short term plans require clients to re-submit their application every 90 days to receive continuous coverage, Companion Life has auto-renewals. How do auto-renewals work? It’s simple. Companion Life gives its clients the ability to register multiple forms at once during sign up. They can complete up to four applications at once. In doing so, they will have coverage for a whole year. This eliminates the back and forth paperwork that comes with signing up for short term medical.
In addition to offering individual short term medical, Companion Life’s short term plans are available to small employer groups without the requirement of any other coverage. The short term plan replaces 60 percent of an employee’s weekly earnings, up to a maximum benefit of $1,000 per week. Find more information about their coverage plans here.
3. Provides Continuous Coverage
As with all short term plans, pre-existing conditions are not covered. So if someone were to have a heart attack during a 90-day coverage period while on a short term plan, it would then be considered a pre-existing condition when they re-apply. Not only is there the hassle of re-applying, but now their treatments and heart medication is no longer covered. However, this is not the case with Companion Life short term medical. When a consumer completes four applications for year-long coverage, they could have a heart attack in the first 90-day coverage period, and it will not be considered a pre-existing condition for the three subsequent coverage periods.
To learn more about the Companion Life short term product, check out the following video by product specialist Jeff Hess.
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