What Is Short Term Health Insurance?
Short Term Health Insurance is a temporary health option that is meant to provide coverage in between other insurance options. Its benefits usually insure against catastrophe. It is coverage that protects against accidents or major illnesses. This is different from comprehensive coverage, which typically includes preventive care, physicals, immunizations, and sometimes dental or vision care.
Short Term Health plans lack many of the protections offered by the Affordable Care Act, and thus does NOT count as “minimum essential coverage”. Short Term Health Insurance will NOT prevent you from being charge a penalty.
Short Term Health plans do NOT cover pre-existing conditions, so you can be denied coverage for a pre-existing condition. However, a good temporary coverage option can provide you great value and coverage at a much lower cost than an ACA plan.
Individual/Family Health Insurance Annual Open Enrollment BEGINS November 1st, 2016 and ENDS January 31st, 2017
Here’s is the timeline for 2017 coverage open enrollment:
- Sign up November 1, 2016 to December 15, 2016; coverage starts January 1, 2017.
- Sign up December 16, 2016 to January 15, 2017; coverage starts February 1, 2017.
- Sign up January 16, 2017 to January 31, 2017; coverage starts March 1, 2017.
It is important for you to realize that once open enrollment ends, a “Qualifying Event” (such as involuntary loss of coverage, marriage, divorce, birth, etc.) must occur. Otherwise, no one will be able to purchase coverage until the next Annual Open Enrollment.