1.Short-term health plans don’t protect you from tax penalties
Short-term health plans are designed to provide you with an affordable way to receive limited health coverage for short period of time when you’re not insured. But, they don’t meet all of the benefit standards of the Affordable Care Act, which means you could be subject to a tax penalty for being uninsured, even if you’re enrolled in a short-term health insurance plan.
2. Major medical health insurance may cost less than you think
Major medical individual and family health insurance plans can be more expensive than short-term plans because they offer more benefits. But, if you earn less than 400% of the federal poverty level (about $47,500 for a single person in 2016), you MAY qualify for a subsidy to lower your costs.
3. Open enrollment only comes around once a year, so get out there and shop
Open enrollment for ACA-compliant plans only comes around once each year. The 2017 open enrollment period for individual and family coverage starts on November 1, 2016 and is scheduled to end on January 31, 2017. If you don’t buy coverage during this period, you may be out of luck for the rest of 2017!
4. Short-term insurance isn’t guaranteed
You do have to apply for a short-term health plan each time you renew coverage, and insurers can decline your application, even if you’ve been approved for short-term coverage in the past.
5.Short-term insurance requires you to file your own claims
With a major medical health plan, your insurance company handles all of your billing and even negotiates prices for you with the health care provider.
6.The end of your short-term plan does not make you eligible for a major medical or “Obamacare” health plan
When your short-term health plan ends, you won’t automatically be able to buy a major medical health insurance plan. Without a qualifying life event, you’ll have to wait until the next open enrollment to be guaranteed access to health coverage. View the image below for detailed comparison between Major Medical Plans and Short Term Plans.
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