Getting affordable health insurance just got a lot easier. Thanks to new federal regulations, Short-Term Medical insurance (STM) can be kept for up to one year with the option to renew coverage for up to three years, depending on your state. Many Americans are seeking affordable health insurance alternatives to Affordable Care Act (ACA)-compliant major medical insurance. If you’re one of them, did you know that Short-Term Health insurance is an option? With lower monthly premiums, protection from medical emergencies, and now, the opportunity to renew your coverage, STM may be right for you.
New Short-Term Medical Insurance Laws
Health insurance is expensive, and if you don’t receive coverage from your employer, you may not realize that you have options outside of the Health Insurance Marketplace, like Short-Term Medical insurance. In the past, STM was a placeholder for temporary use, and some plans only included coverage for three months. However, the need for affordable health insurance across the country caused officials to rethink the notion of STM. Now, in some states, consumers can keep their Short-Term Medical insurance for a longer period of time.
Also, prior to 2019, those who did not have Minimum Essential Coverage could have been subject to a tax penalty, which included those with Short-Term Medical plans, because STM plans are not Minimum Essential Coverage. However, the penalty was removed for tax years 2019 and later, so Short-Term Medical policyholders will not be subject to the tax penalty.
Do you think you’ll make the switch to Short-Term Medical? The United States Department of Health and Human Services predicts that 500,000 people will switch to Short-Term Health insurance in 2019 and that 1.4 million will enroll by 2028!
4 Benefits of Getting a Short-Term Medical Plan
1. You’ll have an affordable health insurance alternative.
Short-Term health insurance has cheaper monthly premiums than many ACA-compliant plans, because it has certain limits on the types of benefits it covers and the amount of benefits provided. Short-term health insurance is also not required to provide all of the essential health benefits required by the ACA, like pre-existing conditions, mental health services, and pregnancy care. However, Short-Term health insurance does include benefits for many medical services, like doctor visits, ground ambulance trips, and hospitalizations. STM is an excellent option for those who don’t plan to use all of the coverage offered by ACA-compliant health insurance plans, but still want some financial protection from medical emergencies and doctor visits.
2. Your coverage now lasts longer.
With the option to keep your Short-Term Health plan for up to one year and renew coverage for up to three years, you can now pay for the coverage you need and get the freedom you want from a health insurance plan for a longer period of time.
3. You can apply at any time.
Short-Term Medical insurance doesn’t operate on an enrollment period schedule. You can apply for coverage on any date, at any time of year.
4. You could get coverage as soon as tomorrow.
Short-Term Health insurance kicks in quickly with plans starting as soon as tomorrow*. If you need coverage now, applying for a Short-Term Health plan could be a faster, more affordable way for you to get health insurance.
* a benefit waiting period may apply.
What Does Short-Term Medical Insurance Cover?
So, what is included in a Short-Term Medical plan? You can expect coverage for the following medical services to help you stay safe, healthy, and financially protected.
- Doctor visits
- Urgent care
- Ground ambulance trips
- Telemedicine (with the LIFE Association Membership)
- Outpatient physical therapy
- Inpatient/outpatient hospital benefits
- Hospital stays
- Some diagnostic testing
- Home health care
- Child immunizations
- Surgery benefits and more
Keep in mind that covered services may be subject to waiting periods, visit limitations, deductible, coinsurance, or copays, and/or benefit maximums depending on the plan you purchase.
How to Get Short-Term Health Insurance
Getting Short-term health insurance is easy. Just visit verahealth.com or speak with a friendly Vera Health expert today by calling 844-260-7226. We’d love to answer any of your questions and help you find the right plan for your budget. We’re looking forward to chatting with you and helping you save money on your health insurance with a short-term health plan.
This coverage is not required to comply with federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency services, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). If this coverage expires or you lose eligibility for this coverage, you might have to wait until an open enrollment period to get other health insurance coverage.