During this past Open Enrollment Period, it was painfully obvious to me that some individuals and families just couldn’t afford a health plan. Their income was high enough not to qualify for a subsidy, yet at the same time, they found it difficult to enroll into a plan that was going to cost them between $850.00 – $1100 a month (for a family of four). Even with the lowest premium, they were looking at a family deductible of at least $10,000 and in some cases up to $13,400 a year. In many cases, they had to make a decision to purchase a health plan they really couldn’t afford or pay for the normal living expenses we all face each day. Even though not enrolling into a healthplan would cost them a penalty, they chose to pay for everyday living expenses instead of purchasing a healthplan and I understood it completely.
While seeing this problem many times, I looked into options for my clients to provide some protection. The answer is Short Term Medical Insurance. Short Term Medical Insurance is a limited option designed to cover short gaps in coverage for unexpected illnesses or accidents. Even though these plans are not ACA (Affordable Care Act) compliant and you can still be penalized, at least you would have some protection when you need it.
Short Term Medical Insurance is also ideal for you if you are going through a life transition such as:
- Between jobs – When you move from one job to another, you can also leave your medical benefits behind. Many times, COBRA is just too expensive. Short Term Medical Insurance is an affordable alternative to COBRA.
- New Employee waiting for coverage to begin – If you have just been hired at a new job, chances are there will be a waiting period before your health benefits begin. You can purchase a Short Term Medical plan for as little as one month.
- Retired (younger than 65) and waiting for Medicare to begin – If you retired before the age of 65, there may be a gap in coverage before Medicare begins. Short Term plans can be just the answer you need.
- College graduates – If you were insured through your parents plan or through a university plan and are still haven’t found employment, Short Term plans can help you with an affordable option.
- Young adults no longer on their parent’s plan – The federal law allows dependent children to be covered as a dependent up until the age of 26. When you turn 26, Short Term Medical plans may be the answer to getting covered until the next Open Enrollment Period.
- Coverage for children – Even though almost all Americans require Medical Insurance, there are still those who live without insurance because of the cost. When parents have to live without it, there are many times that their children also go without it. This can be overwhelming as a parent. According to the Center for Disease Control, 2.5 million children received delayed medical care because of worry about the cost. Short Term plans can be offered to children and are an option worth looking into.
Short Term plans give you the freedom to choose doctors and hospitals without facing out of network penalties. With Short Term plans, you choose the deductible, co-insurance, and the length of coverage so that when an unexpected illness or injury happens, you will be well prepared. For further information or for a free no obligation quote, we encourage you to click on our “Click Here to Obtain a Quote” link. From there, you will choose “Health Insurance” and then Short Term Medical. The rest is easy. It’s just free information to give you options when you need them the most.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.