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Short term health insurance: An option if you miss the Obamacare special enrollment period deadline

Short term health insurance: An option if you miss the Obamacare special enrollment period deadline

Posted Apr 28, 2015 by Author

The Obama administration’s special enrollment period ends on April 30. Maybe you can’t sign up by the deadline. Or perhaps you believe you’ll have health insurance soon, possibly through an employer, and don’t feel the need to buy an Obamacare major medical plan.


If so, a short term medical1 plan from The IHC Group is an option. Short term medical is not considered minimum essential coverage. Therefore, you may be subject to the individual shared responsibility payment, the penalty assessed for those who opt out of purchasing major medical insurance.

Even so, it’s a practical, cost-effective enrollment option for many reasons, including if you:

  • Are between jobs with employer-provided benefits
  • Are employed, but awaiting employer-paid benefits
  • Have aged out of a parent’s insurance plan

Short term medical plans from The IHC Group feature policy durations from 30 to 364 days in many states. Next-day coverage—as early as 12:01 a.m.—is often available. You pay only for the number of days that you need coverage. And you can easily add dental coverage,  a prescription discount card, or Metal Gap, which is supplemental health insurance for injury or critical illness. A check is sent to you after you experience a covered injury or critical illness, and you can use it to cover over any expense you choose, from mortgage and car payments to deductibles and coinsurance.


See which short medical plan is right for you:

Get a quote


1SHORT-TERM MEDICAL (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 IHC Specialty Benefits, Inc.
IHC Specialty Benefits, 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 through general agents online, telebrokerage, advisor centers, private label and directly to consumers. For more information about Health eDeals visit http://www.HealtheDeals.com

About The IHC Group
The IHC Group is an organization of insurance carriers and marketing and administrative affiliates that has been providing life, health, disability, medical stop-loss and specialty insurance solutions to groups and individuals for over 30 years. Members of The IHC Group include Independence Holding Company (NYSE:IHC), American Independence Corp. (NASDAQ: AMIC), Standard Security Life Insurance Company of New York, Madison National Life Insurance Company, Inc. and Independence American Insurance Company. Each insurance carrier in The IHC Group has a financial strength rating of A- (Excellent) from A.M. Best Company, Inc., a widely recognized rating agency that rates insurance companies on their relative financial strength and ability to meet policyholder obligations. (An A++ rating from A.M. Best is its highest rating.) Collectively, the companies in The IHC Group provide insurance coverage to more than one million individuals and groups. For more information about The IHC Group, visit www.ihcgroup.com.