Here’s what you should know:

• Deductible. This is the amount you are required to pay before your insurance starts paying for covered expenses. Additional deductibles may apply for certain medical expenses such as emergency room visits, surgery performed in an outpatient facility, and advanced diagnostic studies.
• Co-insurance is the percentage of a covered medical expense you pay after meeting your deductible. An 80/20 plan indicates you pay 20% and your insurance pays the remaining 80%.
• Out-of-pocket maximum. Your coinsurance payments continue until you reach your policy’s out-of-pocket maximum, then your insurance covers 100% of the costs for covered medical expenses.
• Co-pays are the designated amount that must be paid for each medical service. This will typically apply to routine physical exams, as well as other visits to the doctors’ or urgent care. These payments do not apply to a deductible or out-of-pocket maximum.
• The policy maximum is the maximum amount your insurance will pay during the coverage period. Once the limit is reached, you are responsible for expenses in excess of that maximum.
• Waiting period. Some benefits may not be available immediately. For example, STM sickness benefits only begin five days following a policy effective date, while benefits for injuries due to an accident are not typically subject to a waiting period.

STM can fill in a crucial gap during major life transitions, but ultimately it is not a permanent health insurance solution.

Coverage varies by state. Here are some variations you should be aware of:

• Availability. STM is not available everywhere, but is available in the following states: AL, AZ, AR, DE, FL, GA, IN, KS, KY, LA, MS, MI, MO, NE, NV, NC, ND, OH, OK, OR, SC, SD, TN, TX, VA, WV, WI and WY
• Maximum coverage periods. There are limitations on how long you can have a STM plan. Coverage periods can range from just 90 days to a full year.
• Ability to reapply. States have specific rules on whether you can reapply and how long before you can reapply. For example, in North Carolina and Delaware, you can maintain coverage for a maximum of 90 days. While you can reapply for coverage in Delaware up to once a year, in North Carolina, reapplications are not permitted.

STM coverage is limited. Here is a quick summary of what STM covers (and doesn’t):

• Coverage includes routine physicals, emergency room care, inpatient/outpatient surgery, hospital benefits, x-ray and lab work, sickness, outpatient services, and transplant benefits.
• STM does not cover* pre-existing conditions, prescription drugs, maternity, vision care, dental treatments, and more. Any conditions developed during the coverage period would be considered pre-existing conditions (and not covered) should you reapply.

Understanding the key terms, state variations, and what is (and isn’t covered), is the best way to figure out if STM insurance is the right solution for your situation.

Learn more about Short Term Medical insurance available through the Alumni Benefits Program.

*Plan terms, limitations, and exclusions may vary by state.

IMPORTANT: This program only provides temporary health insurance that does not provide comprehensive/major medical coverage.  It also does not satisfy the “minimum essential coverage” requirements of the Patient Protection and Affordable Care Act.
Everest Insurance® markets property, casualty, specialty and other lines of admitted and non-admitted direct insurance on behalf of Everest Group, Ltd., and its affiliated companies.  Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com. This product is underwritten by Everest Reinsurance Company (or Everest Denali Insurance Company), depending on jurisdiction. All issuing companies may not do business in all jurisdictions. This literature is descriptive only. All policy terms, conditions, and pricing is solely determined by Everest and all coverage is subject to the language of the policy as issued. Not all products and product features may be available in all jurisdictions and availability may be subject to business and regulatory approval in each jurisdiction. Meyer and Associates is the Administrator of the Collegiate Alumni Trust, neither of which are affiliated with Everest. No employees, agents and/or representatives of Everest are involved in the operation of Companies.