Short Term Health Insurance
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Navigating Health Insurance Gaps: The Benefits of Short-Term Plans
Are you in-between employment and need health insurance for a specific period of time? Did you miss the Affordable Care Act Open Enrollment Period, but you are concerned about protecting yourself from the potentially high medical costs associated with an unexpected illness or injury? Are you simply in need of a more affordable health insurance option? Then Short Term health insurance may be the coverage you are looking for.
We can quote from multiple carriers that allow you to choose your deductible, coinsurance, maximum coverage amount, and the exact length of coverage*. You also have the freedom to receive treatment from doctors and hospitals without incurring out-of-network penalties. Other unique features of short-term major medical plans are as follows:
Up to a $2 million lifetime benefit
Up to two consecutive 6 month periods of coverage, without reapplying
Urgent care co-pays, and in some cases, even a primary care copay benefit
PPO nationwide network of doctors and hospitals
Indemnity style plan where the member is not penalized for using non-network providers
A discount prescription drug card
Understanding the Limitations of Short-Term Health Insurance
Though Short Term is a great option for many who need health insurance coverage for a specified period of time, it is important to note that Short Term Major Medical is not Affordable Care Act compliant health insurance coverage. This means it does not meet the 10 essential benefits as mandated by the ACA. Prior to 2019, this also meant that individuals and families with Short Term coverage may be subject to the ACA penalty (tax), depending on the duration of that coverage. However, beginning January 1, 2019, there will no longer be a penalty for having non-ACA qualified health insurance coverage.