When choosing health coverage, it is important to look closely at your health and financial needs. After all, insurance is a means of protecting your financial security for unpredictable moments life has instore. Every individual has varying health needs, some with more frequent doctor trips and medications and others with more on the minimal managing side. The name of the game is to find the balance that fits your particular situation and price range.
We can all agree that health insurance can seem like a pretty hefty penny these days, paired with laws and regulations it can feel like coverage is confusing and out of reach. Luckily, there are coverage options that fit various spectrums of an individual’s health and financial needs like short-term medical. These are less known compared to the traditional major medical ACA plans but are an alternative health plan that can be a viable option for a range of life circumstances. Let’s dig in to see why many are choosing this ACA alternative.
Customized Coverage
Short-term medical insurance offers a range of flexible and customizable coverage options including varying benefit levels, deductibles, and duration of plan lengths. There is no one-size-fits-all. You pick the benefits that fit your health needs, the deductible you can afford and the policy length you need. Designed to cover individuals for a pre-determined length of time, these periods can range from a few months up to a year depending on your state of residence.
Affordability with Coverage for the Unexpected
In addition to the flexibility, these plans can also be substantially less expensive than traditional major medical policies. STM plans don’t count as compliant coverage under the Affordable Care Act, meaning they aren’t required to provide all 10 essential benefits nor cover pre-existing medical conditions.
A range of benefit options STM plans may cover:
• Doctor visits
• Some preventative care
• Emergency Room
• Ambulance coverage
• Urgent Care benefits
• And more
If you’re healthy and typically require little to no medical care, STM coverage could be the right coverage fit and financial choice for you.
No Enrollment Periods
You can enroll anytime throughout the year. Unlike ACA major medical plans that have specific enrollment periods, short-term medical policies may be applied for all year long. Plus, coverage can begin as soon as the next day after enrolling for approved applications.
Could these plans fit your life circumstance?
Many individuals and families have found that short-term medical coverage is a valuable solution for their health coverage needs and their specific life situation.
Short-term medical is a great option for people who:
• Don’t have pre-existing conditions
• Don’t have ongoing medical needs nor require frequent doctor visits
• Those who are looking for a lower cost alternative to major medical
• Hold jobs that don’t provide healthcare benefits like self-employed, freelancers, entrepreneurs, rideshare drivers, etc.
• Missed the open enrollment period for major medical
• Individuals who are in a probationary period at a new job and waiting for benefits to begin
• Students who are leaving parental coverage
• And many more
Flexibility, customizable and affordability are three contributing factors to this ACA-alternative. If you are looking for fast, affordable coverage for unexpected healthcare and have no pre-existing health conditions, a short-term medical plan may be a good solution to your healthcare needs.
All-in-all, there are coverage options out there for a range of life circumstances. Whether you need a more comprehensive ACA plan or a more limited but flexible and typically lower cost ACA alternative like short-term medical, there are options for you. Both will provide healthcare benefits to help you reduce your out-of-pocket medical spending, and both are available for a range of premium costs. Sometimes what’s best for your individual situation can change from year to year depending on your health and financial status.
Now the hard part is determining which type of coverage fits your needs most. Even with all this helpful information, it can still be a lot to take in. Our licensed agents can help explain further and walk you through a needs-analysis to help determine where your coverage needs land. Call 985-778-0072 or visit www.LouisianasMarketplace.com for more information.
ACA = Short for the “Affordable Care Act.” ACA health insurance plans meet the minimum essential coverage requirements and cover pre-existing conditions as well as the 10 essential health benefits (e.g. maternity care, mental health, preventative care, prescription drugs, and more). ACA plans also offer subsidies and premium tax credits to eligible individuals based on income. These subsidies and credits are designed to lower your ACA plan’s monthly premium. Individuals may only enroll in ACA coverage during the annual Open Enrollment Period (November 1st – December 15th) unless they have a Qualifying Life Event. Visit Healthcare.gov for more information.
Short Term Medical (STM) and other ACA-alternative plans are medically underwritten and are not required to meet the minimum essential coverage requirements or provide the 10 essential health benefits as mandated by the ACA. This means that non-ACA plans may not cover certain types of services, including but not limited to: maternity care, mental health, preventative care, and prescription drugs. Non-ACA plans are also not required to cover pre-existing conditions. STM plans vary per state. Consult with a licensed agent for details.