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Short term medical insurance statistics

July 26, 2012 - Statistical details of short term medical insurance policies are made available in a report issued by eHealth and republished by The Wall Street Journal on 7/26/2012 largely correlate with the findings and publications of Freedom Benefits compiled over the past year. The new report largely confirms that short term medical insurance is one of the few remaining  options available to consumers that was not impacted by the changes of the federal health reform law of 2010.

  • Premium cost– The average monthly premium paid for a short-term individual policy in 2011 was $67, while the average premium paid for a short-term family policy was $153. This seems to imply that the average age of an applicant was younger than 30 however that is not stated in the new report. The average premium decreased 4.2% Between October 2009 and October 2011 for individual short-term policies and decreased 5% for family short-term policies. Freedom Benefits reported a number of these rate decreases in earlier posts.
  • Length of coverage– The maximum duration of short-term plans was 365 days (one year) in some states in 2011, however the average maximum duration of a short-term plan was 184 days (approximately six months); only 3.3% of enrollees retained coverage under their short-term policy for 300 days or more.
  • Age of policyholders– 59% of all active short-term health insurance policyholders were between the ages of 25 and 44. Policyholders between the ages of 45 and 64 made up 25% of active policies 16% of active policies covered people ages 24 or younger.
  • Policy deductible– The average deductible for individual short-term policies was $1,821, and the average deductible for short-term family policies was $1,877. Popular deductible choices are $1000 or $2500. Between October 2009 and October 2011, the average deductible increased 19.6% for individual short-term policies and 20.4% for family short-term policies.
  • Coinsurance– The average coinsurance for a short-term health insurance policy was 22%. Approximately 85% of short-term plans had coinsurance levels of 20% or less; altogether, 81% of short-term plans offered coinsurance of 20%, 2.4% had coinsurance of 30%, 3.3% of plans had coinsurance rates of 40% and 8% of plans had coinsurance of 50%.
  • Differences between male and female coverage– Short term medical insurance policies are not significantly different for men and women. In 2011, the average female individual short-term policyholder reported paid $69 per month for health insurance coverage, while the average male short-term policyholder paid $64 per month. In 2011 the average deductible for a female individual short-term policyholder was $1,792 (a 16% increase from 2009) while the average deductible for a male short-term policyholder was $1,874 (a 17% increase from 2009).
  • Prescription drug coverage– 67% of all active short-term health insurance policies provided some form of prescription drug coverage.

Other resources

Short term health insurance vs. major medical insurance

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This web site is independently owned and managed by Tony Novak operating under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator". Opinions expressed are the sole responsibility of the author and do not represent the opinion of any other person, company or entity mentioned. Tony Novak is not an agent, broker, producer or navigator for any federal or state health insurance exchange but may provide uncompensated advice, reviews and referrals to these official resources. Novak is compensated as an accountant, adviser, affiliate consultant, marketer, reviewer, endorser, producer, lead generator or referrer to some of the other commercial companies listed on this site. Information is from sources believed to be reliable but cannot be guaranteed.