US Medical > Short Term Medical Plans
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Why short term medical insurance ?
Advantages of Short Term Medical (STM) Insurance Plans:
STM plans are that... "short term" in duration. From as little as 30 days or one month up to 364 days... one day short of a year. Depending on your state of residence will dictate the maximum allowable term as decided by legislators in your state. STM plans have become a politically charged insurance product as of late due to the ability of the plans to replace the ill fated ACA / Obamacare plans that were exhorbitantly expensive for individuals and families across the country. Some states last year saw an increase of 100% over previous years renewal rates for ACA. Thus, the need for more affordable health insurance options for those that have limited pre-existing conditions .
STM plans as alluded to do have limitations, as many insurance plans have certain exclusions. For those people who experience gaps in their coverage, where they need temporary coverage because they are off their parents' plan or between jobs, these policies can help fill the gaps. For those that just want to, as of 2019, get fully away from ACA plans, can now, in certains states, do so with STM plans.
Applications for these policies will ask about the applicant's health, including if pregnant or planning to get pregnant, of if the applicant has been diagnosed or treated for any number of health conditions, including cancer, hepatitis, mental health or substance use disorders or HIV/AIDS. STM plan underwriters will most likely refuse to offer short term policies to people who answer 'yes' to any of those questions. STM plans are not for everyone; however, STM plans are very affordable and work well if you have the need. We certainly recommend STM plans over "going without" health insurance all together.
STM plans do cover illness and accidents. Illness and sickness are considered one in the same. For example, heart disease, stroke, diabetes, cancer... all illness category items. STM plans can limit coverage for such items, especially if you have a chronic pre-existing history of such illnesses. Accidents on the other hand have nothing to do with "pre-existing" conditions. Accidents range from falls, cuts, auto injuries, broken bones and you get the idea. STM plans do a great job of covering accident benefits.
Many doctors across the United States accept short Term insurance, but coverage may be limited to a specified provider network. International travelers, people between jobs, seasonal employees, and recent graduates out of college can use short Term Health Insurance plans.
Are STM plans ACA compliant ?
The Affordable Care Act (aka ACA or ObamaCare) was passed in March 2010. Health care costs in America since it's passage have sky rocketed for individuals and families. The specific mandates allowing anyone to sign up during certain times of the year without regard to their current and ongoing pre existing conditions, pregnancy status etc has been the leading reason for why the program has been loosing money and why costs are so high. The "shared responsiblity payment" or "individual mandate" is a tax assessed for those US tax payers who choose or chose not to pay for an ACA plan. Since the Trump Administration, starting in 2019 the fees go away. If you don’t have ACA coverage during 2019, the penalty fee no longer applies. And you don’t need an exemption in order to avoid the penalty.
The individual short term medical insurance programs we offer on this website are NOT ACA Compliant. We recommend if you have questions about ACA and how it affects you to contact your CPA or accountant, as the tax laws are constantly changing. We do not offer advise on taxation matters.