Maybe you already have an Obamacare plan, or perhaps you are in between major medical policies and do not qualify for a special enrollment period to buy health insurance at this time. Whatever your situation, you’re probably reading this piece because you’re looking for ways to help make healthcare costs more affordable.
You need health insurance, and you need it soon. But there’s a bit of a problem: Open enrollment for 2017 Obamacare plans ended January 31, and you do not qualify for a special enrollment period to purchase one now.
Continue Reading: This Could Be Your Plan
Continue Reading: Infographic: How Short Term Health Insurance Works
Now that Obamacare premium tax credits are available and high-deductible health plans have gained popularity,, you may be enjoying relatively lower premiums. You may also notice you have more out-of-pocket healthcare expenses than you are comfortable with when you use your health insurance plan.
Continue Reading: Infographic: How Medical Gap Plans Work
Continue Reading: Infographic: Obamacare Premium Hikes in Tampa, Florida
What distinguishes major medical insurance–or Obamacare–from short term health insurance?1
Both coverages help to cover healthcare costs. Yet there are elements that may impact which coverage you choose. Those elements include preventive care coverage; application outside open enrollment or a special enrollment period; eligibility for premium tax credits or cost-sharing subsidies; and whether the individual shared responsibility payment, which is the penalty assessed for not having minimum essential coverage, applies.
This comparison details which type of health insurance covers what, when you can apply for each, and other specifics. It’s not a contest: One coverage may not necessarily be “better” than the other, but one may better fit your current needs.
This post was originally published on April 28, 2015.
SHORT-TERM MEDICAL EXPENSE (STM)
THIS IS A SHORT TERM HEALTH BENEFIT PLAN THAT IS NOT INTENDED TO QUALIFY AS THE MINIMUM ESSENTIAL COVERAGE REQUIRED BY THE AFFORDABLE CARE ACT (ACA). UNLESS YOU PURCHASE A PLAN THAT PROVIDES MINIMUM ESSENTIAL COVERAGE IN ACCORDANCE WITH THE ACA, YOU MAY BE SUBJECT TO A FEDERAL TAX PENALTY. ALSO, THE TERMINATION OR LOSS OF THIS POLICY DOES NOT ENTITLE YOU TO A SPECIAL ENROLLMENT PERIOD TO PURCHASE A HEALTH BENEFIT PLAN THAT QUALIFIES AS MINIMUM ESSENTIAL COVERAGE OUTSIDE OF AN OPEN ENROLLMENT PERIOD. THIS POLICY INCLUDES A PRE-EXISTING CONDITION EXCLUSION PROVISION.
About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual disability, specialty and supplemental health, pet, and life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company) and IHC Specialty Benefits, Inc., which is a technology-driven insurance sales and marketing company that creates value for insurance producers, carriers and consumers (both individuals and small businesses) through a suite of proprietary tools and products (including ACA plans and small group medical stop-loss). All products are placed with highly rated carriers.
IHC Specialty Benefits, Inc.
IHC Specialty Benefits, Inc., doing business as Health eDeals Insurance Solutions is a full-service marketing and distribution company that focuses on small employer, individual and consumer products. Health eDeals markets products via general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit http://www.HealtheDeals.com.
Continue Reading: Infographic: The Differences Between STM and Obamacare
Open enrollment for 2017 health insurance plans began Nov. 1, 2016, and goes through Jan. 31, 2017. Use this list as a guide to help you navigate the open enrollment process.
Continue Reading: Infographic: Obamacare Open Enrollment Checklist 2017
From the onset, Obamacare skeptics have predicted the Affordable Care Act’s inevitable demise for a number of reasons. As each open enrollment period comes and goes, and health insurance rates increase, it seems speculation of failure intensifies.
Continue Reading: The Obamacare Term That Might Make You Shudder
Short term health insurance plans offer temporary coverage for those in between Obamacare plans (e.g., students, job seekers, recently divorced). But, are they a good idea? We’ve put together a list of the key advantages and disadvantages to help you decide.
Continue Reading: Infographic: Is Short Term Health Insurance a Good Idea? Pros and Cons1