Short-Term Medical Insurance As Healthcare.gov Alternative

Short-Term Medical Insurance As Healthcare.gov Alternative

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Short-term medical insurance as an healthcare.gov alternative is viable but it has limitations however if you are basically healthy with little to no pre-existing conditions you may be eligible for a short-term policy. Just a reminder 2019 Healthcare Open Enrollment will end on 12/15/2018 so you can only enroll in healthcare.gov if you qualify for a Special Enrollment Period.  You can apply for STM at any time.

Rules Impacting Short Term Medical Insurance

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The Centers for Medicare and Medicaid Services (CMS) on Aug 1 extended the length of time you can keep a short-term policy from just 90 days to one year. In addition, you’ll be able to renew the same short-term policy annually for up to three years.

What can a STM Insurance policy do for you?

Portrait of a smiling doctor in front of his teamA short-term medical insurance policy provides more flexibility in coverage benefits and providers.  Some insurance carriers offer PPO networks in their coverage.

Your doctor or other medical providers may be more likely to accept it.

Provides Basic medical coverage but still provides a cost savings option for unexpected medical treatment.

A great temporary option if you are just between jobs.

Limitations of Short-term Medical Insurance

Short Tem Medical insurance is subject to underwriting.  Some people with certain pre-existing conditions may be excluded from coverage.  If you are receiving treatment, including taking prescriptions for a condition, this may be considered a pre-existing condition.  Acceptable and unacceptable pre-existing conditions are different for each carrier.

Most insurance carriers will only allow you to reapply a limited number of times after your initial term ends.

It is not a Qualified Health Plan per the Affordable Care Act.

You will not be able to utilize a tax credit if you are eligible for one based on your income.  A tax credit could lower the cost of your insurance if you opted for an ACA plan.

Someone filling out claim formsSome plans will only reimburse you for medical so you’ll accrue the cost up front and have to submit claims for expenses.  Please examine your policy carefully before you purchase it.

Most plans do not include prescription coverage but it can be added for an additional monthly premium.

Conclusion

Short-term medical insurance can be an ACA alternative but it’s a limited option.   Short-Term coverage provides basic coverage and is not a Qualified Health Plan which is major medical.  It is also not a part of ACA.  However, if you are basically healthy with little to no pre-existing conditions it can still be an affordable and flexible temporary option for 2019. Contact us for further info or click for a SHORT-TERM MEDICAL INSURANCE QUOTE


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