Best Advantages Short Term Health Medical Insurance
- Short-term health insurance policies have just become more attractive, thanks to a federal rule change that now allows policies to be sold for almost a full year and possibly be extended for as long as 36 months.
- Short-term insurance policies are a great solution for anyone between jobs or who doesn’t have insurance coverage at work, or who wants to bridge a coverage gap until Medicare, or who cannot afford the ACA (aka, Obamacare) policies available because they do not qualify for a subsidy.
- Most of these short-term plans allow access to your choice of physicians or hospitals.
- Short-term plans are typically far less expensive than ACA plans, especially if you do not qualify for a subsidy.
- Policies can be canceled at any time, regardless whether you keep benefits for a day, a week, a month, or longer. If needed, you can usually re-apply for coverage if your situation has again changed. Also, you may apply for benefits at any time throughout the year, since Open Enrollment Periods to not apply.
What is a Short Term Medical Insurance?
Short Term Medical Insurance used to be for those who needed temporary health insurance coverage after losing a job or graduating college.
That may still be the case, but today many people are using Short Term Medical Insurance as their primary insurance plan. Individuals and families can now purchase up to 12 months (4 3-month policies sold all together) of short term medical insurance that will cover them for a fraction of the cost of an Obamacare / Affordable Care Act plan. If the individual or family stays healthy, they can purchase another 12-months of coverage after the previous terms expires.
People who don’t get insurance through their jobs will now be able to buy short-term policies that may be cheaper than Affordable Care Act coverage.
These plans won’t have to cover as many medical services and are exempt from covering people with pre-existing conditions.
Short-term plans don’t have to meet the Affordable Care Act’s consumer protection and coverage requirements, so many will not cover services such as mental health care or prescription drugs.
A short-term policy may cost as little as $124 a month, compared with an average $393 for an unsubsidized policy that meets all the ACA coverage requirements.
The plans are aimed at people who earn more than four times the federal poverty threshold and therefore don’t qualify for federal subsidies to help pay premiums for policies sold on the ACA exchanges.
Short Term Medical Health Insurance for Young Adults
Short Term health insurance costs less than Obamacare for young adults losing coverage on their parents’ health plans.
Under the Affordable Care Act, young adults have the option to stay covered by their parents’ health insurance plans until they turn 26. When they turn 26, they qualify for a special enrollment period to buy an Obamacare plan. For many 26-year-olds losing coverage on their parents’ health insurance plans, term health insurance is less expensive than any Obamacare plan.
What’s Covered Under a Short Term Medical Health Plan Insurance?
The right Short erm Medical Health Insurance plan can assist in covering hospital visits, prescription drug costs, and other situations that require medical attention for injury or illness.
There are several limitations; however, that are not included.
These items include: physicals, exams, and pre-existing conditions.
Since the terms, conditions, and duration of your policy may vary, it is important to talk to an insurance specialist at Mintco Financial who can help you find a plan that meets your needs.
Do not experience the financial burden of out-of-pocket medical expenses as a result of an unexpected injury or illness between your Health Insurance plans. Get the coverage you deserve today with a flexible and affordable Short Term Medical Health Insurance plan from Mintco Financial.
Which States offer Short Term Medical Health Insurance
Due to state regulations, no insurers offer short-term health insurance plans in the following states:
- California
- Hawaii
- Massachusetts
- New Jersey
- New York
- Rhode Island
- Vermont
What are the initial term limits for short-term health insurance in your state?
Term limits by state
Alabama – Initial term limit: 364 days, defaults to federal rules.
Alaska – Initial term limit: 364 days4, defaults to federal rules.
Arizona – Initial term limit: 185 days.
Arkansas – Initial term limit: 364 days, defaults to federal rules.
California – In late September 2018, California passed legislation (SB910) that bans the sale or renewal of short-term plans beginning January 1, 2019.
Colorado – Initial term limit: 6 months.
Connecticut – Initial term limit: 6 months. Beginning January 1, 2019 Connecticut will require short-term medical plans to cover essential health benefits.
Delaware – Initial term limit: 90 days.
District of Columbia – Initial term limit: 364 days, currently defaults to federal rules. However, there is currently a recommendation by DC’s Standing Advisory Board before the DC City Council to implement rules to limit short-term health plans to 90 days.
Florida – Initial term limit: 364 days, defaults to federal rules.
Georgia – Initial term limit: 364 days, defaults to federal rules.
Hawaii – Initial term limit: 90 days, however, based on recent state regulations no health insurance carriers offer plans in this state.
Idaho – Initial term limit: 364 days, defaults to federal rules.
Illinois – Initial term limit: 364 days, defaults to federal rules. Legislation to limit short-term health insurance to six months (IL HB2624) was approved and sent to Governor Bruce Rauner on June 29, 2018, however, he vetoed it on August 26, 2018.
Indiana – Initial term limit: 6 months.
Iowa – Initial term limit: 364 days, defaults to federal rules.
Kansas – Initial term limit: 364 days.
Kentucky – Initial term limit: 364 days, defaults to federal rules.
Louisiana – Initial term limit: 6 months. Note: State regulations restrict the exclusion of coverage for pre-existing conditions by insurers (Title 22, Section 1072). Short-term health plans are not subject to these restrictions as long as they have terms of no more than 6 months. In effect, limiting short-term health plans to 6 months or less.
Maine – Initial term limit: 364 days.
Maryland – Initial term limit: 90 days.
Massachusetts – Short-term health insurance is not available in Massachusetts due to long-standing guaranteed-issue requirements. As a result, no insurers offer plans in this state.
Michigan – Initial term limit: 185 days.
Minnesota – Initial term limit: 6 months.
Mississippi – Initial term limit: 364 days, defaults to federal rules.
Missouri – Initial term limit: 6 months.
Montana – Initial term limit: 364 days, defaults to federal rules.
Nebraska – Initial term limit: 364 days.
Nevada – Initial term limit: 185 days.
New Hampshire – Initial term limit: 6 months.
New Jersey – Short-term health plans are unable to be sold in New Jersey due to long-standing regulations (New Jersey statute 17B:27A – 3)
New Mexico – Initial duration limit: 364 days, defaults to federal rules. However, legislation is expected sometime in 2019 to regulate short-term health plans at the state level.
New York – Short-term plans are unable to be sold in New York.
North Carolina – Initial term limit: 364 days, defaults to federal rules.
North Dakota – Initial term limit: 185 days.
Ohio – Initial term limit: 364 days, defaults to federal rules.
Oklahoma – Initial term limit: 6 months.
Oregon – Initial term limit: 90 days.
Pennsylvania – Initial term limit: 364 days, defaults to federal rules.
Rhode Island – Due to Rhode Island’s state regulations, no insurers offer short-term health plans in the state.
South Carolina – Initial term limit: 11 months.
South Dakota – Initial term limit: 6 months.
Tennessee – Initial term limit: 364 days, defaults to federal rules.
Texas – Initial term limit: 364 days, defaults to federal rules.
Utah – Initial term limit: 363 days.
Vermont – Due to Vermont’s regulations, no insurers offer short-term health plans in the state.
Virginia – Initial term limit: 6 months.
Washington – Initial term limit: 364 days, defaults to federal rules. However, Washington’s insurance commissioner has announced additional short-term medical insurance regulations to be enacted by the end of 2018 (with duration limits of 3 months).
West Virginia – Initial term limit: 364 days, defaults to federal rules.
Wisconsin – Initial term limit: 364 days.
Wyoming – Initial term limit: 364 days, defaults to federal rules.
Best Short Term Medical Health Insurance Quote
At Mintco Financial, we realize that individual people require individual insurance needs based on their current situation.
And as an insurance agency, we also know that an unexpected accident or illness can happen at any time. That’s why we want to help you with all of your short-term needs in the event that you require a temporary solution.
A Temporary, or Short-Term, Health Insurance plan from Mintco Financial can be purchased for a variety of reasons. It is a way to keep you protected from accidents or illnesses that occur when you are not insured under a standard Health Insurance policy. Individuals who require Short-Term coverage are typically those who:
- Have a gap in their Health Insurance as a result of switching jobs
- Are waiting to receive benefits from their current employer
- Have recently graduated and are looking for employment
- Maintain a seasonal or temporary position
Many people ask us if the short term medical plans are exempt from the Obamacare tax penalty of 2.5% of your income.
They don’t meet that requirement, but the good news is that there are many exemptions available for people to use, to avoid that tax penalty.
There is one that says that if an Obamacare is “too expensive,” based on a percentage of your income, that you don’t have to pay the penalty.
So most of our clients that buy short term insurance also avoid the penalty, and we can give you information on how to do this.
Do not experience the financial burden of out-of-pocket medical expenses as a result of an unexpected injury or illness between your Health Insurance plans. Get the coverage you deserve today with a flexible and affordable Short Term Medical Health Insurance plan from Mintco Financial.
Get a Free Quote email us at info@mintcoFinancial.com
Call us 813-964-7100