Short Term Insurance Announcement
On October 12, 2017 President Trump signed an executive order in an effort to improve healthcare. Within this order was a proposal to expand Short-Term Insurance plans to less than 12 months, but greater than the currently held two-month limit in Missouri.
Who’s a good fit for a Short Term plan?
- Those who are “in-between” insurance plans
- Those who have no pre-existing conditions
- Those looking for just catastrophic coverage to pair with a Direct Primary Care membership
This week, the Departments of Health and Humana Services, Labor and the Treasury issued a proposed rule in response to this order to define the length of these Short-Term plans to the expanded coverage time-frame (less than 12 months). This is such great news, and offers hope to many people who have been frustrated that these plans only lasted in Missouri for two months. Today, if you purchase a short-term plan and come upon your expiration date two months later, we can renew your coverage for another two months; however, you’ll be subject to answering health questions all over again, and possibly paying additional fees on each renewal.
This proposed change would allow an individual to be covered up to 12 months with no disruption, at typically a low cost and covers hospital and medical services up to a $2 million maximum (not to include any pre-existing conditions). We write Short-Term plans through United Healthcare, which is in network with both Cox and Mercy locally. The plans are affordable, and offer a lot of flexibility to deductibles and co-insurance to make the premium fit in your budget.
No changes are official yet, but this is exactly what we were hoping would happen to the Short-Term plans, so stay tuned in to our blog for any upcoming announcements!
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