Faith A. Bratlie – Insurance Broker

Health

Short Term

(As of 2019, about 92 percent of people in the U.S. had some form of health insurance. However, when life changes unexpectedly, you may need to modify your health insurance plan to ensure it suits your needs and circumstances. The good news is that you do not have to wait for the Open Enrollment Period to make changes to your health plan. So what are some qualifying life events for health insurance change?

Here’s what to know.

Short Term

Short Term insurance may be for you if you’re:

Unable to apply for Affordable Care Act (ACA), also called Obamacare, coverage because you missed Open Enrollment and you don’t qualify for Special Enrollment

  • Waiting for your ACA coverage to start
  • Looking for coverage to bridge you to Medicare
  • Turning 26 and coming off your parent’s insurance
  • Between jobs or waiting for benefits to begin at your new job
  • Healthy and under 65
  • There are options for people over 65 that missed their enrollment period for Medicare

For these situations and many others, Short Term health insurance, also called Temporary health insurance or Term health insurance, might be right for you. It can fill that gap in coverage until you can choose a longer term solution.

Short Term health insurance offers you just the kind of flexible, fast coverage you need for those dynamic times of change in your life. With Short Term Medical plans you can:

Get covered fast, most companies allow for next day coverage

Customize your plan in regards to deductible, coinsurance, copays and total coverage amount

Pick your length of coverage, up to 1 day short of 3 years in some states, and up to 12 months in most states as well. There are some that only allow 3-6 months including, Maryland, Delaware, Pennsylvania, New York, California, Oregon, Washington to name a few.

  • Drop coverage with no penalty and receive a refund on unused premium if a more permanent health insurance option comes along
  • You may be able to apply for another short term health insurance plan when the first one finishes, if needed
  • Get a PPO network, which is not available in most states and counties on the ACA which gives you access to an extensive network of health care professionals, hospitals and medical facilities.
  • Get generally lower premiums than with ACA health insurance plans if you don’t qualify for a “discount,” subsidy, or premium tax credit.

Short Term health insurance you are not buying an ACA health plan. That means you need to keep a few things in mind as you plan your coverage needs:

  • ACA health plans are guaranteed issue, meaning you cannot be denied coverage based on preexisting conditions
  • Short Term insurance plans are not guaranteed issue, do not cover preexisting conditions, and you must answer a series of medical questions to apply for coverage
  • ACA health plans are required to cover 10 essential health benefits, including maternity and newborn care, mental health and substance abuse disorder services
  • Short Term insurance plans do not have coverage requirements, so plans vary in what they cover. Check your plan details carefully

So, it’s true that you may save money by choosing Short Term health insurance. Just be sure you know what you are buying, and that it’s a good choice for you. For the right situation, Short Term insurance plans can definitely provide fast, flexible, temporary health insurance coverage that fits your needs.