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OnlineAdviser forum
Refund for short term medical insurance
Our guest asks: If I enroll in a short term medical insurance policy and make the start date March 1 and then decided to cancel the policy before it begins, would I get a full refund for the premium paid? OnlineAdviser responds:Yes, all the U.S. insurance policies listed at Freedom Benefits would offer a full refund of your premium in this situation. However, you may be able to save some time simply by waiting until you need the short term medical insurance. One of the primary advantages of this type of insurance is that it is issued online in a process that takes only a few minutes. Immediate proof of coverage is provided by e-mail and the policy and ID card can usually be downloaded as soon as the application is complete. Just for the sake of being complete in this published response, please keep in mind that most short term travel insurance policies are not refundable. One of the reasons for this difference is that the premium for travel insurance may be so low - perhaps about $20 - that processing a refund is not economically practical. Otherwise, all of our insurance policies have a provision called "10 day free look" which means that you have time to examine the policy to make sure that it meets your need and expectation. Columnist Tony Novak answers guest questions in a wide range of consumer finance issues. Health insurance questions and responses are published here to help others with the same issues. Personal information is removed from the question prior to publication. Novak has addressed more than 50,000 consumer finance questions in newspapers, radio television and Internet over a span of 24 years. An expanded biography is published at www.tonynovak.com. Novak is frequently compensated for endorsement of the companies covered in the forum. Advise is from sources believed to be reliable but cannot be guaranteed. OnlineAdviser comments represents the opinion of the adviser only and not represent the position any other person or business. This service is provided without charge on a best-efforts basis. Neither Freedom Benefits nor the adviser assume any liability for the effects of reliance on this advice. Have a Question? Ask OnlineAdviser for a fast professional response. |
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