Government health insurance or subsidized assistance is not your only health insurance option. Nor do you have to settle for signing up for a group health insurance plan offered by your employer. You always have the option to explore alternative types of medical coverage until you find the one that suits your needs and budget best.

One of those alternative coverage options is signing up for short-term medical coverage. For example, there are special student health coverage options available. Catastrophic insurance plans are also offered for qualifying applicants.

One type of special health insurance coverage is catastrophic insurance. It is a type of insurance used only in emergency situations. Catastrophic coverage has low premiums and is often available to applicants who are under 30 years of age.

It is also available to older applicants who qualify for hardship exemptions. There are several different types of accepted hardships you may currently be undergoing that can qualify you for such coverage. They include but are not always limited to:

• Family Deaths
• Increased Financial Obligations Due to Caring for an Ailing Family Member
• Domestic Violence Incidents
• Homelessness
• Hardships Caused by Natural Disasters
• Hardships Caused by Human Error or Malicious Intent, Such as Fires
• Filing For Bankruptcy
• Becoming Behind on Utility Payments to the Point of Shut-Off Threats
• Incurring a High Amount of Personal Medical Debt

If you are a student, there are two types of discount medical insurance for which you may qualify. The first is offered through insurance providers. It is typically available to students between the ages of 17 and 29.

If you obtain such coverage you may have to pay high copayments and deductibles, but your monthly premium payments are typically reduced. 

The second type of student medical coverage is offered by the college or university itself. If you obtain that type of student medical coverage, you may pay low rates or nothing at all for medical services. However, the reduced rate may only apply to medical services offered on campus grounds.

Therefore, it is not a desirable type of coverage unless you intend to attend classes in person, as opposed to online.

If you are relatively young, you may also wish to only obtain medical coverage for a certain period of time. If so, a short-term coverage policy may work for you. Applying for short-term coverage is simple. Standard medical plan open enrollment only occurs at certain times of year.

However, short-term coverage is available year round.

Read the next slide to learn more about employer-based health insurance coverage.