We offer two types of plans and which one may be best for you will depend on your overall health. Most of our clients can be medically underwritten for a short term health insurance plan. This means they do not have any of the conditions on the application which would prevent them from qualifying for coverage.
While current ACA doesn’t rules don’t allow for medical underwriting of traditional health plans, short term medical insurance is, for the most part, still medically underwritten. This means you can be turned down for coverage if you have certain health conditions. However, we do have some Guaranteed Issue plans that will rider out preexisting conditions and then cover any future, unknown costs.
For those who might have ongoing health concerns, a guaranteed issue plan can help to bridge gaps inbetween major medical plans. These types might be appropriate for someone who will soon have group coverage or for those who might be a month or two away from Medicare insurance eligibility. Fortunately, there is not much medical underwriting with most short term health policies.
Guaranteed issue short term health insurance may be a last resort, but they can be suitable for covering short time periods. In some cases, we can rides to these policies that will pay first dollar coverage for accident, illness, hospitalization and other unforeseen events. By combing plans, you will have the peace of mind knowing that you are well covered until the opportunity rises to buy permanent health insurance.
Depending on where you live, you should have several short term health insurance options. Plans can be purchased to cover a matter of days on up to 12 months.
Some companies allow you to buy four 3 month plans at once. This strategy will provide you with coverage for an entire year without the need to prove insurability later. If you are in a state that only allows for a maximum of 6 months, then a new plan will have to be purchased (and qualified for) after the first term ends.
It’s very important to note that no short term health plans sold today meet the Obamacare standard of Minimum Essential Coverage. This means that you may still face a tax penalty even if you own one of these policies for a year. Obamacare rules allow for a maximum of 3 months on a short term plan. Anything longer and you can face the penalty.
Currently, the penalty for going without insurance is slated to end in 2019. For 12018, several new hardship exemptions have been added in order to help consumers avoid any penalties as well. These developments may make short term health insurance plans more attractive. They already look much like traditional policies offered pre-ACA and they offer a great deal more flexibility for the insured.