Cheap short term health insurance can help you bridge the gap when you are in between two insurance policies. For instance, you are in between jobs and don't have employer-based coverage, and COBRA (government-mandated eligibility to continue your former employer's health insurance plan at full premium cost) is not an option for you. If you are a recent graduate from college and the plan covered under your student enrollment has expired, but you have not yet landed a job that offers health insurance benefits.