Alyssa Lane
LifeShield is a brand name for insurance products and services offered by LifeShield National Insurance Co. and its subsidiaries and affiliate companies. It offers both life and health insurance. LifeShield STM (Smart Term Health) is a short-term health insurance plan that provides coverage for individuals and families for up to nearly 12 months. It is designed for those who need temporary coverage while waiting for additional insurance. LifeShield STM offers flexible plan designs, financial protection from unexpected medical bills, and coverage for a range of medical services.
| Characteristics | Values |
|---|---|
| Coverage Period | 3 months, 6 months, 364 days |
| Maximum Coverage | $250,000 to $1,000,000 |
| Deductibles | $250 to $10,000 |
| Co-Pays | $30 or $50 |
| Wellness Benefit Co-Pay | $50 |
| Provider Choice | Any Medical Provider or PHCS MultiPlan PPO Network |
| Enrollment | Online |
| Description | Short-term medical insurance for individuals and families, providing nearly 12 months of coverage with a one-time purchase of four certificates that provide consecutive coverage without gaps |
| Comparison to COBRA | Often a lower-cost alternative, but may result in giving up rights to coverage for pre-existing conditions |
| Comparison to ACA | May be subject to a federal tax penalty if a plan that provides minimum essential coverage is not purchased |
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What You'll Learn
Coverage periods and costs
LifeShield STM, or LifeShield Short Term Medical Insurance, is a flexible insurance plan that provides coverage for individuals and families for nearly 12 months. The coverage period can be 3 months, 6 months, or 364 days, depending on the state. This type of short-term medical insurance is often a lower-cost alternative to COBRA. However, it's important to note that purchasing short-term medical insurance instead of maintaining COBRA coverage may result in giving up your rights to coverage for pre-existing conditions or guaranteed health insurance in the future.
LifeShield STM offers a choice of deductibles ranging from $250 to $10,000. The coverage period maximum ranges from $250,000 to $1,000,000. The plan also includes options for physician benefits, with co-pays of $30 or $50 depending on the chosen plan. There is also a Wellness Benefit Co-Pay of $50 included.
One unique feature of LifeShield STM is the ability to use any medical provider or utilise the PHCS MultiPlan PPO Network. This flexibility allows individuals to seek healthcare services from their preferred providers or utilise the network's options. Online enrollment and fulfillment are also available, with all communication conducted online through the insured's personal email.
The cost of LifeShield STM varies based on the chosen coverage period, deductible, and physician benefits. The shorter the coverage period, the lower the cost is likely to be. Similarly, higher deductibles and lower physician benefits percentages may result in lower costs. It's important to review the specific costs associated with each option during the enrollment process to make an informed decision based on your budget and needs.
In summary, LifeShield STM provides a range of coverage periods and cost options to cater to different needs and budgets. It offers flexibility in terms of deductible choices, physician benefits, and the ability to use any medical provider or the PHCS MultiPlan PPO Network. The costs will vary depending on the choices made during enrollment, with shorter coverage periods and higher deductibles typically resulting in lower overall costs.
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What's included in the plan
LifeShield STM (Short Term Medical) insurance is a flexible plan that can be tailored to your needs, budget, and timeframe. It provides individuals and families with temporary health insurance coverage for up to nearly 12 months, with coverage periods of 3 months, 6 months, and 364 days, depending on the state.
LifeShield STM offers financial protection from unexpected medical bills and other healthcare expenses. It covers inpatient care in a hospital, skilled nursing facility (excluding custodial or long-term care), hospice care, home health care, and inpatient care in a religious non-medical healthcare institution. Additionally, it covers medically necessary doctor's services, outpatient care, durable medical equipment, mental health services, and preventive services.
The plan includes a choice of deductibles ranging from $250 to $10,000, with various options for physician benefits. It also offers a Wellness Benefit Co-Pay of $50 once per year and the freedom to use any medical provider or the PHCS MultiPlan PPO Network.
LifeShield STM is often a lower-cost alternative to COBRA. However, it's important to note that purchasing short-term medical insurance instead of maintaining COBRA coverage may result in giving up your rights to coverage for pre-existing conditions and guaranteed health insurance in the future.
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Who is it for
LifeShield STM (Smart Term Health) is a short-term health insurance plan designed for individuals and families who need temporary coverage for nearly a year while they wait for additional coverage. It offers flexible plan designs and options to cater to different needs, budgets, and time frames.
The coverage periods offered by LifeShield STM are 3 months, 6 months, and 364 days, with a maximum coverage of $250,000 to $1,000,000. This short-term plan is often a lower-cost alternative to COBRA, but it's important to note that purchasing it instead of maintaining COBRA coverage may result in giving up rights to coverage for pre-existing conditions and guaranteed health insurance in the future.
LifeShield STM provides financial protection from unexpected medical bills and other healthcare expenses. The plan covers inpatient care in hospitals and skilled nursing facilities, hospice care, home health care, and inpatient care in religious non-medical healthcare institutions. It also includes medically necessary doctor's services, outpatient care, durable medical equipment, mental health services, preventive services, and more.
LifeShield STM is ideal for those who are between jobs, missed Open Enrollment, are waiting for Medicare, need a temporary alternative to COBRA, or are losing coverage from their parent's insurance. It offers a seamless experience with online enrollment and fulfillment, and the ability to use any medical provider or the PHCS MultiPlan PPO Network.
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How to enrol
LifeShield National Insurance offers a range of insurance products, including short-term medical insurance plans. These plans are designed to provide financial protection and peace of mind for individuals facing unexpected medical bills and other healthcare expenses.
- Assess your needs: Before enrolling, it is important to consider your specific health situation, including any risk factors for critical illnesses, your lifestyle, and your budget. This will help you choose the most suitable plan for your needs.
- Obtain a quote: Visit the LifeShield website or contact a LifeShield agent to obtain a quote for the STM plan that fits your requirements. You can discuss your options with a representative to ensure you understand the coverage and benefits offered.
- Compare with other carriers: It is recommended to get quotes from multiple insurance carriers and compare them to make an informed decision. Consider factors such as coverage limits, customer ratings, and the range of benefits offered.
- Complete the application process: Once you have decided on the LifeShield STM plan, you will need to fill out an application form. Provide accurate and detailed information about your health, medical history, and any existing insurance coverage.
- Review and submit the required documents: Carefully review the application form and supporting documentation to ensure all information is correct and up to date. Submit the completed application package to LifeShield or their authorized representative.
- Wait for approval: After submitting your application, LifeShield will review your information and determine your eligibility for the STM plan. This process may include verifying your medical history and assessing your risk profile.
- Make the initial payment: Upon approval of your application, you will need to make the initial payment to activate your LifeShield STM plan. Familiarize yourself with the payment options and choose the most convenient method for future premium payments.
- Receive confirmation and plan details: Once your enrolment is successful, you will receive confirmation from LifeShield, along with the specific details of your STM plan, including coverage limits, exclusions, and a list of authorized healthcare providers.
By following these steps, you can enrol in LifeShield STM Medical Insurance and gain access to their short-term medical coverage, which includes flexible plan designs, financial protection, and peace of mind for unexpected healthcare expenses.
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Comparison to COBRA
LifeShield STM (Short Term Medical) Insurance provides flexible plan designs and options to help you find a plan that fits your needs, budget, and timeframe. It offers financial protection from unexpected medical bills and other healthcare expenses, including inpatient care in a hospital, inpatient care in a skilled nursing facility, hospice care, home health care, and more.
Now, comparing this to COBRA insurance, which is also known as the Consolidated Omnibus Budget Reconciliation Act, is a federal law that allows employees and their families to temporarily continue their group health insurance benefits after leaving a job or experiencing certain life events that would otherwise end their coverage. This includes instances of voluntary or involuntary job loss, reduction in hours worked, transition between jobs, death, divorce, and other life events. COBRA generally applies to employers with 20 or more employees, who are required to offer a temporary extension of health coverage, known as continuation coverage.
One key difference between LifeShield STM and COBRA is the duration of coverage. LifeShield STM offers short-term medical plans, providing coverage for a limited time frame, whereas COBRA benefits also have varying durations depending on the qualifying life event, ranging from 18 months to 36 months.
Another distinction lies in the cost. LifeShield STM plans may have copayments, coinsurance, or deductibles for each service, and the specific details of these expenses are outlined in their plans. On the other hand, COBRA is often considered expensive because individuals are typically required to pay the full cost of their health insurance premium, plus an administrative fee of up to 2%, resulting in monthly premiums ranging from $400 to $700 per individual.
In terms of eligibility, LifeShield STM is available to individuals across the United States, providing them with health insurance options. In contrast, COBRA eligibility depends on specific requirements, including being a qualified worker, experiencing a qualifying life event, and having a group health plan covered by COBRA.
While both LifeShield STM and COBRA offer health insurance coverage, their differences lie in the duration of coverage, cost structure, and eligibility criteria. LifeShield STM provides flexible short-term options with varying expenses, while COBRA allows for temporary continuation of group health insurance at potentially higher costs under specific qualifying circumstances.
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Frequently asked questions
LifeShield STM is short-term medical insurance that provides coverage for individuals and families for up to nearly 12 months.
LifeShield STM covers inpatient care in a hospital, inpatient care in a skilled nursing facility, hospice care, home health care, and inpatient care in a religious non-medical healthcare institution. It also covers medically necessary doctor's services, outpatient care, durable medical equipment, mental health services, and preventive services.
LifeShield STM offers flexible plan designs and options to fit your needs, budget, and timeframe. It provides financial protection from unexpected medical bills and healthcare expenses. LifeShield STM is also a lower-cost alternative to COBRA.
You can choose a LifeShield STM plan based on your financial and coverage needs. Plans offer different coverage periods, deductibles, physician benefits, and co-pays.
You can enroll in LifeShield STM online through the insurer's personal email communication system.
