You may need short term health insurance coverage in Ohio for any number or reasons. You might be between jobs, laid off, a recent college graduate, waiting for employer coverage to begin, outside of Open Enrollment, a seasonal employee or looking for a lower cost alternative to COBRA.
We can help. There are several companies offering short term plans and most can be purchased for a maximum of 3 months. These plans are desirable as stop gaps due to their flexibility and low cost.
We offer coverage direct from several different providers. Medical Mutual, United Healthcare – Golden Rule and National General all offer individual and family short term health insurance plans. The plans are very affordable for those who simply need health coverage for a known, short amount of time.
It should be noted that short term health insurance does not satisfy the ACA requirements and those above certain income thresholds must buy Obamacare coverage or face a tax penalty. Short term plans work best for those who are waiting for open enrollment to open up and for those who know they will have insurance in a few months.
Obamacare allows for a maximum of 3 months of short term coverage without facing any tax penalties. This amount of time is ideal for those who are waiting for employer coverage to begin. You can renew a short term plan for another 3 months, but the penalty will still apply.
Short term plans can be paid for on a month-to-month basis and cancelled at anytime should other health insurance become available. Any unused premiums will be returned to you if you cancel your coverage during the middle of a payment cycle.
All plans are designed somewhat differently. You will receive the best prices on services if you use a network doctor or hospital however. Some plans include prescription drug coverage while others do not. Still others will offer a small doctors office copay for routine services, but not all provide this benefit.
The bottom line is that if you are not sure how long you will need coverage it is best to purchase a permanent plan and pay for it on a month-to-month basis. Permanent insurance plans can be cancelled at anytime, and just like short term plans, any unused premiums are completely refundable.
You will need to be experiencing a qualifying life event to purchase permanent coverage outside of open enrollment, however. If you have not experienced any such event – or missed your 60 day Special Enrollment Period, then a short term health insurance plan may be the only coverage available to you.
With plenty of choices and benefits, Ohio residents looking for short term health insurance can find a plan that fits their needs using our independent agency. Contact us today to discuss your best short term options.
Category: Health Insurance