Short Term health insurance, underwritten by Golden Rule Insurance Company, is a flexible health insurance coverage solution when you need coverage for a period of transition in your life.
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Is short term insurance for me?
Short Term insurance may be for you if you’re:
Unable to apply for Affordable Care Act (ACA), also called Obamacare, coverage because you missed Open Enrollment and you don’t qualify for Special Enrollment
Waiting for your ACA coverage to start
Looking for coverage to bridge you to Medicare
Turning 26 and coming off your parent’s insurance
Between jobs or waiting for benefits to begin at your new job
Healthy and under 65
For these situations and many others, Short Term health insurance, also called Temporary health insurance or Term health insurance, might be right for you. It can fill that gap in coverage until you can choose a longer term solution.
Offering short-term insurance for 30 years
The UnitedHealthcare commitment to the Short Term health insurance option hasn’t just come about with recent shifts in the health insurance market. Golden Rule Insurance Company, which became a part of UnitedHealthcare in 2003 and still underwrites the Short Term Medical insurance product today, has been offering Short Term insurance plans for over 30 years.
The benefits of short term health insurance
Short Term health insurance offers you just the kind of flexible, fast coverage you need for those dynamic times of change in your life. With Short Term Medical plans1 you can:
Get covered fast, as soon as the day after application
Pick your deductible amount from several options
Drop coverage with no penalty and receive a refund on unused premium if a more permanent health insurance option comes along
Access an extensive network of health care professionals, with 1.2 million physicians and other health care professionals and approximately 6,500 hospitals and other facilities2
Get generally lower premiums than with ACA health insurance plans
Keep these short term insurance reminders in your long-term memory
With Short Term health insurance you are not buying an ACA health plan. That means you need to keep a few things in mind as you plan your coverage needs:
ACA health plans are guaranteed issue, meaning you cannot be denied coverage based on preexisting conditions
Short Term insurance plans are not guaranteed issue, do not cover preexisting conditions, and you must answer a series of medical questions to apply for coverage
ACA health plans are required to cover 10 essential health benefits, including maternity and newborn care, mental health and substance abuse disorder services
Short Term insurance plans do not have coverage requirements, so plans vary in what they cover. Check your plan details carefully
So, it’s true that you may save money by choosing Short Term health insurance. Just be sure you know what you are buying, and that it’s a good choice for you. For the right situation, Short Term insurance plans can definitely provide fast, flexible, temporary health insurance coverage that fits your needs.
For 2016, the ACA tax penalty was 2.5% of your yearly household income or $695 per person, $347.50 per child under 18. You paid whichever was greater, and paid part of the total fee for each full month a family member had no coverage. The total tax penalty was $2,085 or the total annual premium for the national average price of a Marketplace Bronze plan, again, whichever was greater.
IMPORTANT NOTICE ABOUT SHORT-TERM PLANS:
Short-term health insurance plans are not qualified health plans under the Affordable Care Act (ACA or «Obamacare») and do not meet the coverage and benefit requirements of the ACA. You cannot receive a subsidy (premium tax credit and/or cost-sharing reduction) under the ACA in connection with your purchase of short-term health insurance and may still owe the tax penalty (the individual shared responsibility payment) under the ACA. Some people may qualify for exemptions from the ACA tax penalty. Further information about the ACA and its implications can be found in our Affordable Care Act Resource Center.
Short-term health insurance plans are generally less expensive than qualified health plans under the ACA (also called major medical health insurance), but do not offer the same level of coverage. Short-term health insurance plans are intended for people who do not want or cannot afford major medical insurance or who want a temporary form of limited coverage before they obtain major medical health insurance. Among other limitations and exclusions, short term health insurance plans generally do not cover pre-existing conditions (health and other conditions that exist at the time of application) or the minimum essential coverage of the ACA (benefits such as mental healthcare, pregnancy and childbirth, preventive care, etc.).
Short-term health insurance plans are limited in duration by law to a maximum 3-month term. After the plan expires (in 3 months or less), you will stop receiving any benefits under it. You must reapply to receive coverage after the plan expires. If you are accepted for an additional term under a short-term health insurance plan, the plan’s deductible and other amounts reset so that amounts paid (or the satisfaction of conditions) under the initial plan are ignored. Similarly, whether you have pre-existing conditions will be determined anew as of your approval under the new application. Please review your policy terms for the maximum coverage period allowed by the plan you selected. Be aware that insurance companies limit the number of times a short-term insurance policy may be renewed. Some states may restrict your ability to apply for more than one consecutive short-term health insurance plan.
Purchasing a short-term insurance plan will make you ineligible for any guaranteed-issue individual health plans commonly referred to as HIPAA plans. Please consult your benefits advisor to discuss your rights under the Health Insurance Portability and Accountability Act (HIPAA) and other rights under state law.