Is short term insurance for me?
Short Term insurance may be for you if you're:
- Unable to apply for Affordable Care Act (ACA), also called Obamacare, coverage because you missed Open Enrollment and you don't qualify for Special Enrollment
- Waiting for your ACA coverage to start
- Looking for coverage to bridge you to Medicare
- Turning 26 and coming off your parent's insurance
- Between jobs or waiting for benefits to begin at your new job
- Healthy and under 65
For these situations and many others, Short Term health insurance, also called Temporary health insurance or Term health insurance, might be right for you. It can fill that gap in coverage until you can choose a longer term solution.
The UnitedHealthcare commitment to the Short Term health insurance option hasn’t just come about with recent shifts in the health insurance market. Golden Rule Insurance Company, which became a part of UnitedHealthcare in 2003 and still underwrites the Short Term Medical insurance product today, has been offering Short Term insurance plans for over 30 years.
The benefits of short term health insurance
Short Term health insurance offers you just the kind of flexible, fast coverage you need for those dynamic times of change in your life. With Short Term Medical plans1 you can:
- Get covered fast, as soon as the day after application
- Pick your deductible amount from several options
- Drop coverage with no penalty and receive a refund on unused premium if a more permanent health insurance option comes along
- Access an extensive network of health care professionals, with 1 million physicians and other health care professionals and approximately 6,000 hospitals and other facilities2
- Get generally lower premiums than with ACA health insurance plans
Keep these short term insurance reminders in your long-term memory
With Short Term health insurance you are not buying an ACA health plan. That means you need to keep a few things in mind as you plan your coverage needs:
- ACA health plans are guaranteed issue, meaning you cannot be denied coverage based on preexisting conditions
- Short Term insurance plans are not guaranteed issue, do not cover preexisting conditions, and you must answer a series of medical questions to apply for coverage
- ACA health plans are required to cover 10 essential health benefits, including maternity and newborn care, mental health and substance abuse disorder services
- Short Term insurance plans do not have coverage requirements, so plans vary in what they cover. Check your plan details carefully
So, it’s true that you may save money by choosing Short Term health insurance. Just be sure you know what you are buying, and that it’s a good choice for you. For the right situation, Short Term insurance plans can definitely provide fast, flexible, temporary health insurance coverage that fits your needs.
For 2016, the ACA tax penalty was 2.5% of your yearly household income or $695 per person, $347.50 per child under 18. You paid whichever was greater, and paid part of the total fee for each full month a family member had no coverage. The total tax penalty was $2,085 or the total annual premium for the national average price of a Marketplace Bronze plan, again, whichever was greater.
For 2017 and beyond, the penalty will be adjusted for inflation.3
1UnitedHealthOne® is a brand representing the portfolio of insurance products offered to individuals and families. Golden Rule Insurance Company is the underwriter and administrator of these Short Term Medical plans offered.
2UnitedHealth Group Annual Form 10-K for year ended 12/31/15.
3Short term health insurance is medically underwritten and does not cover preexisting conditions. It does not meet minimum essential coverage requirements, meaning signing up for this coverage may result in a tax penalty.
No individual applying for health coverage through the individual Marketplace will be discouraged from applying for benefits, turned down for coverage, or charged more premium because of health status, medical condition, mental illness claims experience, medical history, genetic information or health disability. In addition, no individual will be denied coverage based on race, color, religion, national origin, sex, sexual orientation, marital status, personal appearance, political affiliation or source of income.
References to UnitedHealthcare pertain to each individual company or other UnitedHealthcare affiliated companies.
Each company is a separate entity and is not responsible for another’s financial or contractual obligations.
Administrative services are provided by United HealthCare Services, Inc. or their affiliates.
Products and services offered are underwritten by Golden Rule Insurance Company, Health Plan of Nevada, Inc., Oxford Health Insurance, Inc., UnitedHealthcare Life Insurance Company, UnitedHealthcare of the Mid-Atlantic, Inc., UnitedHealthcare of New York, Inc."
This policy is subject to various exclusions and limitations. For costs and complete details of the coverage, call (or write) your insurance agent or the company (whichever is applicable).