Short-Term Medical plans are a great alternative for consumers looking for major medical coverage.  Short Term health insurance, where available, is designed to bridge gaps in your health care coverage during times of transition. These plans allow you to:

• Start your coverage fast, as soon as the next day in many cases.
• Terminate coverage without penalty.
• Choose from a range of available deductible amounts.
• Apply for another term of coverage if needed and if allowed by state law.

Outside of the ACA/Obamacare marketplace annual open enrollment period, a Short-Term Medical plan is one of your best options to consider, especially if you do not qualify for an ACA Special Enrollment Period. 

When does a short-term policy makes a lot of sense?

If you experience a qualifying life event, like the loss of employer-based health insurance, which would trigger a Special Enrollment Period (SEP), you’ll want to consider applying for an ACA-compliant policy. This SEP lasts for 60 days in most cases. If instead you opt for a short-term policy, keep in mind that you will not have the option to switch to an ACA-compliant plan after your SEP ends.

However, if you missed the annual Open Enrollment period or if you haven't experienced a qualifying life event, a short-term policy will provide you with up to six months of coverage in most states. Some states have 12 month terms and a few allow back-to-back terms for up to 36 months.

Short-Term plans are typically offered with a selection of premiums, deductibles and out-of-pocket maximums. If one qualifies, Short-Term plans are considerably less expensive than ACA-compliant major medical plans, so you may find that you can afford to purchase a plan with a low deductible and a high-benefit maximum. A few states allow Guarantee Issue Short-Term medical plans where applicants with chronic medical conditions can still get coverage.

Short-term plans cover a range of physician services, surgery, outpatient and inpatient care. In addition, policy holders can often choose their own doctor and hospital without restrictions, though there may be financial incentives for using in-network providers.

What short-term health insurance won’t cover:

Short-term major medical plans may be a great fit for healthy folks who just need temporary coverage, but the plans weren’t designed to cover everything, and they do not provide coverage for all of the ACA’s essential benefits.

For example, they typically won’t cover your routine office visits, maternity, mental health or preventative care – and they will not cover preexisting conditions. Short-term plans are medically underwritten, which means that applicants with serious pre-existing conditions may not qualify for Short-Term coverage at all. Be sure to check the list of exclusions on any policy.

Give me a call to find out if Short-Term Health Insurance is an option for you.