1. You may not get the coverage you most need.
Short-term medical plans do not have to adhere to federal regulations. Therefore, they are not obligated to cover preexisting conditions. As a result, consumers may discover that they’re paying for insurance that doesn’t cover their health needs. A short-term policy exists more to protect someone against something catastrophic. If the medical catastrophe is related to a health issue you already have, then the policy may not cover your medical expenses.
2. Your coverage may end mid-treatment.
Short-term medical plans can last for as little as three months. The duration is actually why these plans appeal to recent grads, people between jobs, and consumers caught between enrollment periods. However, though short term policies can fill in coverage gaps when in a bind, they can also leave people hanging. For instance, if diagnosed with an illness, the necessary treatment may last longer than the insurance policy. Again, short-term policies don’t fall under ACA regulations so insurers don’t have to renew coverage and likely won’t.
3. You may not qualify for continued coverage.
In regards to the replacement plan, Republicans have proposed requiring “continuous coverage” as a means for someone to maintain coverage for preexisting conditions. “With the new administration and the many proposed health law changes, it’s not clear yet what would qualify as continuous coverage and what won’t,” said Sabrina Corlette, research professor at the Georgetown University Health Policy Institute.
With possible changes on the horizon, confusion may ensue within the health insurance industry. Unsuspecting consumers with health issues may opt for a short-term policy as a means to save money only to find out it doesn’t qualify as “continuous coverage.” This is why it’s imperative to find an agent who can guide you through any possible changes that may be happening soon. Agents at Empower Brokerage are here to advise and assist consumers find the right plan for them!
Because insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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