Short Term medical plans provide coverage during life transitions. When you are between group insurance or individual major medical policies, STM plans cover unexpected illness. Covered expenses include diagnostic physician visits, emergency room treatment, hospital stays, surgery, intensive care and more, but do not include maternity care or outpatient prescription drugs.
STM plans are affordable. While STM contains limitations when compared to traditional major medical plans, the premium is lower.
Select from various deductible, coinsurance, and out-of-pocket options to meet your coverage and premium needs. You can also add supplemental coverage such as dental, prescription drug discounts, telemedicine, or other additional coverage.
Coverage can begin as early as the day following your application. The underwriting process is simple. ID cards and claims information are available on-line.
A Short Term medical plan may be right for you if:
You have missed open enrolment and aren't eligible for special enrollment under the Affordable Care Act.
You are waiting for your individual ACA coverage to start.
You are watiing for health insurance benefits to begin at a new job.
You are looking for short-term coverage prior to Medicare.
You are turning 26 and leaving your parent's plan.
You are losing coverage following a divorce.
You need an alternative to COBRA.
You are healthy and under the age of 65.
Short Term medical plans are not ACA plans and do not meet ACA standards. ACA requires all major medical plans provide specific benefits, and also mandates that Americans have health plans that qualify as Minimum Essential Coverage or pay a penalty. STM plans do not meet ACA requirements.
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Keep the following in mind as you explore your options:
STM plans to not meet Minimum Essential Coverage requirements under the ACA and may result in a tax penalty. STM are designed to provide temporary healthcare insurance during unexpected coverage gaps.
The ACA-compliant medical plans are guaranteed issue meaing you cannot be denied coverage based on your health history. STM plans are medically underwritten meaning you must answer a series of questions regarding your health when applying for coverage. Based on your answers, you may be declined for coverage or pre-existing conditions may not be covered.
Unlike ACA plans which are required to cover 10 Essential Health Benefits, STM plans cover some but not necessarily all. Plans will vary in what they cover, so you should check your plan details carefully.
Short Term medical plans provide fast, flexible, temporary coverage. It's important that you understand what you are buying so you can be sure you are making a good choice for you and your family.
* Pre-existing condition limitation:
Most STM plans do not cover pre-existing conditions. Reed Insurance Group can offer you a plan that provides up to a maximum of $25,000 for eligible medical expenses for pre-existing conditions. Call our office to learn more.