Times, they are a changin’. Speaking of your health care options, that is.
As Marketplace Open Enrollment is in full swing (Nov. 1 through Dec. 15), it’s time to start reviewing your current plan and weighing your options, including short-term health insurance.
What is short-term health insurance?
This type of coverage is typically used to bridge a gap between long-term plans.
You can have this coverage for 12 months with the option to renew for up to 36 months.
There are two important limitations to be aware of.
- A short-term plan won’t meet the requirements of the Affordable Care Act.
- Pre-existing conditions aren’t covered. The general rule is that if you were diagnosed or treated for something within the last five years, it won’t be covered by your short-term plan.
Advantages of short-term health insurance
Despite the limitations, there are a lot of benefits to taking advantage of a short-term health insurance plan.
- The process is quick and pain-free. In many cases, you won’t need a medical exam. You can be approved and have your coverage start as soon as the next day.
- You can cancel at any time without a penalty.
- There are deductibles to meet a wide range of needs and budgets.
- You can sign up at any time.
- You can keep your trusted physician.
Who needs short-term coverage?
There are certain life circumstances that make you a good candidate for a short-term health insurance policy.
- You turned 27, so you’re too old to still be on your parents’ insurance policy.
- You’re between jobs.
- You missed Marketplace Open Enrollment.
- You’re a college student or you just finished school.
- You have a new job and your benefits haven’t started yet.
- You need a gap-filler before you can enroll in Medicare.
- You can’t afford COBRA.
- You’ve lost coverage after a divorce.
Marketplace Open Enrollment and Short-term insurance
You don’t have to sign up for short-term health insurance during the Marketplace Open Enrollment period, but it’s a good time to re-evaluate your needs.
Talking with a UROne insurance expert is always a good idea. A professional will be able to look at your unique situation and guide you to the plan that best suits your needs and your budget.
Navigating the insurance world can be confusing, but you don’t have to go it alone. Contact UROne today at 800-722-7331.