President's Executive Order
On October 12, 2017, President Trump issued Executive Order 13813 entitled “Promoting Healthcare Choice and Competition Across the United States.
Effective date: These final regulations are effective on October 2, 2018.
This final rule amends the definition of short-term, limited-duration insurance for purposes of its exclusion from the definition of individual health insurance coverage. This action is being taken to lengthen the maximum duration of short-term, limited-duration insurance, which will provide more affordable consumer choices for health coverage. Read more
The final rules for short term medical were released by the Department of the Treasury, Department of Labor and Department of Health and Human Services (the “Departments”).
Here are highlights of the new rules.
Short Term Medical (STM)
-All STM policies sold with effective dates between January 1, 2017, and March 31, 2017, which have durations of three months or more, must terminate on or before December 31, 2017.
-All STM policies sold with effective dates of April 1, 2017, and later, must be less than three months in duration.
-The STM policies and applications must prominently state that Short Term Medical is not Minimum Essential Coverage and a tax penalty may be owed .
More on this topic: Excepted Benefits; Lifetime and Annual Limits; and Short-Term, Limited-Duration Insurance 10/31/2016
Short-term, are also known as temporary health insurance. Short-term plans protect you and your family against the medical costs of unexpected accidents or illness while you wait for other coverage to start.
Short-term offers affordable options:
- Temporary and affordable
- Coverage can start in a little as 24 hours
- Get a quick quote
- Fast underwriting (these plans do NOT cover pre-existing conditions and are NOT guaranteed issued).
- Can't be renewed (in most cases).
- Short Term Plans don't meet the Affordable Care Act requirements.
- May be a good choice if you are between coverage and don't qualify for special enrollment.
- Can be tailored to your time frame and budget. You choose your start date, length of coverage and deductible amount.
- These plans are medically underwritten and you do have to qualify to have a policy issued.
- This is not major medical insurance. Be sure to review the plan benefits, limitations and exclusions before you apply.
- Not available for all ages; please run a quote or contact us for details.
- You can't get financial help paying for this plan.
There is an affordable solution!
Once you leave your job -- you basically have four choices on health insurance:
- continue your current group plan and pay the premiums yourself (if offered)
- enroll in your spouse's plan (if offered)
- buy ACA Marketplace individual insurance (during your Special Enrollment Period)
- buy a short-term plan
- or -- the worst of all worlds -- go without