Open Enrollment is just around the corner, and it’s the ideal time to evaluate your healthcare coverage needs in the coming year. Consider the following:
- Do you anticipate seeing your provider more frequently?
- Are you facing an illness?
- Will you need to need to see a specialist?
- Does your current plan meet your budget needs?
- What changes to your healthcare budget are you considering?
- Has your family size changed?
- What coverage changes do you need to make to account for family members?
With the confusion surrounding healthcare legislation, it’s more important now than ever to seek the expertise of those well versed in coverage options and updates.
If you’re considering ACA coverage, here are some important dates to remember:
November 1, 2017
Open Enrollment Period begins
December 15, 2017
Open Enrollment Period ends
January 1, 2018
Plans sold during Open Enrollment become effective
If you’re considering other options, short-term medical coverage may be an appropriate fit for your needs. This type of coverage addresses the needs of those who are:
- Graduating from college and/or in need of replacing their student insurance
- Transitioning between jobs
- Waiting for employer insurance to begin
- Rolling off parents’ coverage
- Retiring soon and waiting for Medicare coverage to become effective
Additionally, if you miss the Open Enrollment period, short-term medical coverage may help you face your healthcare needs. You can enroll in that type of coverage at any time!
It’s important to understand that short-term medical coverage plans are limited in duration to a maximum 3-month term. After the plan expires, you will no longer receive benefits under it. You must reapply to receive coverage after the plan expires. Additionally, there may be limits on how many times you can renew short-term medical coverage.
Short-term medical plans can provide features such as:
- Flexibility in timing of enrollment – there is no special enrollment period enrollment period
- Preventive care for you and for your family
- Lower rates than other types of plans
- Access to providers of your choice
- Convenience of filing a claim in your provider’s office with an additional option to submit your own claims for reimbursement
Short-term medical coverage is not a replacement for major medical insurance or ACA plans. It does not provide the minimum essential health benefits that are required and it won’t help avoid the fee for not carrying health insurance.
Additionally, there are restrictions and limitations of short-term medical plans. For example, pre-existing conditions are often not covered. Before you make a decision to purchase a short-term medical plan, fully review the benefits, limitations, restrictions, and costs associated with the plan.
With our leading edge tools and technologies, we’re upgrading how you experience your choice of coverage.
Stay tuned to our next blog post!
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