2019 is a big year for health insurance developments affecting consumers and coverage options. For over 30 years, Short term health insurance has provided coverage for a defined period of time and generally includes a much lower premium than other types of major medical coverage. Until April of 2017, the coverage period was determined by state law, with the majority of states permitting terms of 364 days or less. Now, the final rule extends the duration of short term coverage from 3 months to 12 months (364 days) depending on state availability and limitations. Specifically, the language in the plan must inform insureds that the plans do not comply with the Minimum Essential Coverage requirements of the Affordable Care Act. This is important because the ACA currently issues an individual mandate penalty, which equates to 2.5% of one’s yearly household income, or $695 per adult plus $347.50 per child with a $2,085 household maximum - whichever amount is greater. This penalty will, however, be phased out as of January 1, 2019, meaning you could find and even apply for the best short term health insurance policy for you today without the financial burden of paying the individual mandate penalty. The outgoing Obama administration made a significant change, issuing a regulatory final rule which cut the maximum duration term limit of short term health insurance from 12 to less than 3 months. This limit was changed on August 1, 2018 by another regulation designed to expand access to short term health coverage. The rule reinstates the 364 day maximum term limit and allows carriers to offer reapply options for up to 36 months. The changes officially took effect on October 2, 2018. One of the most attractive aspects of short term health insurance is the cost, but many people shy away from short term plans because they are so limited. Why is that? When a plan is limited to three months, it may not address insurance needs fully. Now, however, the legislative change allows individuals to take advantage of more affordable health care for up to three years. When you apply for a short term plan, you will need to go through medical underwriting. Applications can be rejected. Short term plans often do not cover many of the same things that ACA-compliant plans will address. The Trump Regulation specifically states that the expansion will “expand more affordable coverage options to consumers who desire and need them, to help individuals avoid paying for benefits provided in individual health insurance coverage that they believe are not worth the cost, to reduce the number of uninsured individuals, and to make available more coverage options with broader access to providers than certain individual health insurance coverage has.” With this rule now in place, Americans have more affordable choices than ever when it comes to finding the right health insurance for their budget. 7 Major Changes to Health Insurance in 2019 1. No Penalty: In 2019, there is no fine for not having health insurance from the ACA Healthcare Exchange 2. Longer Short Term Medical Plans: Plans can for up to 364 days in most states and 36 months in some others 3. Association Health Plans: Smaller companies and industry groups can now offer health plans with less comprehensive coverage at a lower rate. 4. Health Reimbursement Arrangements: As an alternative to group plans, employers can offer reimbursements for employees who buy their own health insurance. 5. Medicare Enrollment Changes: If you have Medicare Advantage, open enrollment now lasts from January 1st to March 31st where you can change your plan, or switch to Original Medicare. 6. More Ways to Get Insurance: Compare ACA plans with other alternatives on open marketplaces like AgileHealthInsurance.com to find health insurance that works for you. Click to learn more, get a quote and save on quality short-term health insurance coverage today https://www.agilehealthinsurance.com/... GENERAL DISCLAIMERS These Short Term Medical plans do not provide coverage for preexisting conditions nor the mandated coverage necessary to avoid a penalty under the Affordable Care Act. Each state has specific mandates for coverage so your plan may include additional benefits. Please consult your state-specific insurance certificate for more information. Short Term Health Insurance products underwritten by their respective companies. Product prices, benefits and availability may vary by state. ACA DISCLAIMER AFFORDABLE CARE ACT TAX (ELIMINATED UNDER CONGRESSIONAL TAX REFORM ACT STARTING IN 2019). SHORT TERM HEALTH INSURANCE IS HEALTH INSURANCE OUTSIDE OF THE AFFORDABLE CARE ACT ("OBAMACARE"). IT DOES NOT INCLUDE ALL TEN OF THE MINIMUM ESSENTIAL BENEFITS OF OBAMACARE AND IT DOES NOT COVER PRE-EXISTING CONDITIONS. TO LEARN MORE ABOUT THE TAX AND ITS EXEMPTIONS, SEE HERE. TO LEARN MORE ABOUT THE DIFFERENCES BETWEEN SHORT TERM HEALTH INSURANCE AND OBAMACARE, https://www.agilehealthinsurance.com/...
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