Open Enrollment is only 17 days away (November 1st), which marks the time of the year where most people obtain health insurance coverage using the ACA Health Insurance Marketplace, employer plans, or the individual market plans.
While the individual market serves more than just short-term coverages, it’s important to list when short-term medical (STM) coverage is appropriate. But first, let’s start with some facts about this type of insurance:
- There are over 1 million people enrolled in STM plans.
- More than 50 million people work part-time jobs and are ineligible for health benefits.
- Short-term health plans allow for a tailored, consumer-director insurance solution.
- These STM plans meet the needs of a changing economy and should not be considered “junk insurance.”
Here are the 10 life situations when these plans are appropriate, as stated by our friends at Pivot Health:
- Taking part in the “gig economy” / entrepreneur
- Employer waiting period
- Moving to a new state
- Retiring early
- College student
- Freedom to choose providers
- Divorce
- Losing coverage from employer/COBRA
- Aging off of parent’s health insurance plan
- Too rich for medicaid, too poor for subsidies, or having a growing income.
Aside from all of the above listed reasons, many of my clients choose to secure their STM plans and work with me because together we do the following:
- Give nationwide access to care
- Provide a large access to excellent providers
- Create an insurance strategy that is a more logical and practical financial solution
- Go head-first, aware, and educated into situations that would usually create financial hardship
- Take control of their health and care.
If any of the above applies to you or you would like to explore how we can make these short-term health plans work for you, please reach out for a quote to learn more about your options and qualification.
Inspired by Pivot Health on RealClearHealth.com