In the middle of all the talk about changes to the Affordable Care Act (ACA), short term health care insurance policies have made a comeback. These short term policies provide coverage for periods as low as three months up to one year.
The short term health care insurance plans are quite popular even though they do not qualify as a health option under the ACA. Categories of people who usually opt for a short term health insurance policy include fresh graduates, people in between jobs, and those stuck between exchange enrolment plans. However, because these policies do not fulfil the qualification criteria as mandated by Obamacare, they attract penalties. Also, deductibles are higher, benefits are limited, and coverage often excludes pre-existing medical conditions.
However, since the premiums are low (owing to limited coverage), many healthy people opt for short term health care insurance. Even with the penalties these policies are subject to, they turn out cheaper than standard health insurance coverage. It is no wonder then that the sales of such short term policies has seen a surge in recent years.
However, to curtail this trend from catching on, Obama administration had passed a rule that a short term health insurance policy cannot be more than three months in duration. But, with the replacement of ACA, the sale of such short term health care insurance policies will increase in all likelihood. Another element of the plan, requiring patients to have continuous coverage to maintain coverage for any pre-existing conditions, will also boost sale of short term health care insurance policies.
Remember, short term health care insurance plans may exclude the coverage that you need such as exclusion of pre-existing medical conditions. It might even end during your treatment leaving you with no coverage when you want it the most. The insurer may choose not to renew the policy as it doesn’t fall under the ambit of ACA. The proposed changes leave ambiguity in terms of what qualifies for continuous coverage and what doesn’t. So, you may buy short term health insurance policy as a cheaper alternative you maintain coverage, only to discover that it doesn’t count!
If you are considering buying a short term health insurance policy, ensure that you seek short term health insurance quotes from multiple providers. A health insurance online quote is usually non-binding and is a good way to compare the rates and coverage provided.
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