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What Is Short Term Medical Insurance?

What Is Short Term Medical Insurance?

Temporary health insurance between jobs, Obamacare plans

What happens when you switch jobs and find yourself in between employer-based health insurance plans? Go through a divorce and lose access to a spouse’s health insurance coverage? Find out your Obamacare plan has been cancelled because you stopped making premium payments?

These are just a few life situations that can leave you uninsured, either briefly or for the long term. Depending on your circumstances, your options may include an Obamacare purchased in the private market or through a state-based or federally facilitated exchange, Medicaid, or short term medical insurance.

Short term health insurance plans

Commonly referred to as short term or temporary health insurance, short term medical insurance includes benefits to help you pay for healthcare when you are without major medical insurance.

Some key features of short term plans are that you can:

  • Apply year-round—available any time
  • Customize your plan length to as few as 30 days and up to 364 days, depending on your state
  • Enroll within minutes online or through a health insurance producer
  • Begin coverage the next day—or later

 

Find short term health insurance now

 

How do short term plans work?

They function much like major medical insurance coverage (i.e., Obamacare plans). You present your health insurance ID card at the time you receive healthcare services. Your provider:

  • Bills your short term health insurance company, which pays the amount covered by your policy.
  • Bills you for the balance (i.e., your share of the bill).

How much are short term health insurance premiums? Are they affordable?

Because they are designed to help with unexpected medical expenses during brief periods without major medical insurance, short term plans often cost a fraction of major medical plans.

You can purchase short term coverage online through a site such as healthedeals.com, through a health insurance producer, or directly from a health insurance carrier (i.e., company).

 

Get free short term health insurance quotes

No personal information required unless you apply

 

Are short term plans minimum essential coverage?

No. Like major medical plans, short term plans:

Although they have similarities, there are some important differences between short term and Obamacare plans. While Obamcare plans are intended to provide long-term, annual coverage, short term plans are designed for temporary coverage. As such, they:

  • Do not include essential health benefits or preventive care as outlined by the Affordable Care Act
  • Do not qualify for financial assistance in the form of premium tax credits and cost-sharing subsidies
  • Do not comply with the Affordable Care Act, which means you can be denied coverage based on health history
  • Will not prevent you from owing a tax penalty if you are uninsured for more than a single period up to three months in a year and are not exempt from the individual shared responsibility provision

A licensed health insurance producer can answer your questions about short term coverage and help you determine whether or not it is right for you.

Call the number at the top of your screen to speak to one of our certified advisors (i.e., licensed health insurance producers). They can your questions and help you explore your coverage options, including special enrollment for Obamacare plans (on or away from the state-based and federally facilitated exchanges), temporary coverage and more.

 

Explore short term plans on your own

 

 


 

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 (including through its 92% ownership of American Independence Corp. (NASDAQ: AMIC)) owns three insurance companies (Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company), a majority of Ebix Health Administration Exchange, Inc., a fully insured third party administrator, 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.

About 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.