08 Aug New Changes Coming to Short Term Health Plans
New rules to short term medical insurance will allow individual state insurance departments to determine what is available in a state-by-state basis. Though the changes apply to short term plans, Creative Insurance Solutions expects most states will have carriers that will create “longer term” short term medical options, as well — up to three years as opposed to the current maximum length of 90 days.
The new guidelines allow the “longer term” Short Term Plans to begin enrollments on October 1, 2018 — just in time for the Affordable Care Act Open Enrollment Period, which begins on November 1, 2018 and goes through December 15, 2018.
These new options are emerging because penalties put in place by the Affordable Care Act are being rolled back. This opens the door for short term medical to be a viable option for many.
The benefit to this option is that it will carry costs up to a third less than plans available from the Affordable Care Act. Proponents of the rollbacks say they will provide more affordable options for many families and individuals across Georgia and the entire country.
The drawback is that the plans provide less coverage and are not going to be viable options for everyone because these plans will factor in current health conditions such as pre-existing conditions.
As with all things related to health insurance, there isn’t a specific solution that is going to fit everyone’s unique needs. To learn more about these changes to short term medical, and to see if one of these plans might be right for you, schedule a free health insurance assessment from your friends at Creative Insurance Solutions.