Many people who have had their health insurance policies cancelled recently, and have missed the deadline to enroll in an Affordable Care Act (ACA) plan, don’t have to go uninsured.
Short-Term Plans Are Long on Coverage
Whether you’ve lost employer-based coverage, recently graduated from college and are looking for work, or are no longer on your parents’ plan, a short-term plan can bridge the gap with immediate coverage.
A short-term health plan gives you benefits much the same as a traditional plan, but for a determined period of time with coverage periods lasting from 30 days to 12 months.
Readily Accessible Coverage
Short-term plans may be less expensive than more permanent plans and can offer coverage the day after you enroll.
Keep in mind that a short-term plan will not exempt you from tax penalties fined for going without ACA-approved coverage, but you can go without coverage for up to three months during the year without penalty. You may also be eligible for an exemption to the penalty if your plan was canceled in 2013 and you can’t find an affordable plan to replace it in 2014.
Short-term plans provide prescription drug benefits, travel coverage and lifetime maximums that offer greater value than most ACA-approved plans.
Who Should Consider a Short-Term Health Plan?
Short-term medical plans provide solutions if your coverage will lapse due to:
- • Missed December deadline for January coverage
- Lack of employer-based coverage
- Graduation ending educational plan
- Not enrolled on your parents’ plan
- Temporary employment
- Changing jobs or newly employed with a waiting period
- Missed open enrollment deadlines
- Postponing enrollment in Obamacare
If you enroll in a short-term plan today, your coverage can begin as soon as tomorrow. Remember, short-term medical plans are not guaranteed to cover pre-existing conditions like ACA plans. You may not be covered 100 percent when it comes to the ACA’s 10 Essential Benefits and preventive care services. But if you get sick or suffer an injury, you’ll have the coverage you need.
For people who cannot afford the higher premiums of traditional or ACA plans, a short-term plan can decrease costs by half.
Get Covered Now for Peace of Mind by Tomorrow
Your HSA for America Personal Advisor can discuss all the details specific to your state, your budget, and what exceptions might factor in based on your location.
To enroll in a short-term plan, call your HSA for America Personal Advisor at (866) 749-2039.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.