Are you a relatively successful and healthy individual, who is paying the equivalent of a mortgage on health insurance? Tired of not being able to see the doctors that you want to see? Perhaps it is time to consider short term major medical as an alternative to an Affordable Care Act plan. Jeff Hess, individual, group, and ancillary health expert, gives the three main reasons why you should consider short term medical this year for open enrollment. Watch the video below!
First, people have to qualify for short term medical, as it does have some requirements. Therefore, short term medical may be more appropriate for those who don’t have any health issues. Moreover, short term medical does not cover pre-existing conditions. With that being said, there is guaranteed issue short term medical, which is an option. Bottom line: short term medical is a great option if you’re a relatively healthy person.
Short Term Medical is also for those that want to see any provider they want. It enables consumers to see any provider unlike an ACA plan, which for the most part are small networks, i.e. HMOs. Furthermore, short term medical eliminates the hassle of finding a primary care physician that is required under an HMO qualified health plan. Sometimes it will initially take up to two months to see the doctor that you choose within the HMO network. This is an issue across the United States so it’s definitely a reason to consider short term medical.
For those that are above 400% of the Federal Poverty Level (FPL), who have to pay the full premium, short term medical may be a more affordable healthcare option. For example, a fifty-year old may have to pay close to $800 or $900 to get a silver plan with co-pays under the Affordable Care Act. On the other hand, that same fifty-year old could get a short term medical plan for close to a year – until the next open enrollment. Even though you may be penalized because short term is not a qualified plan, it is typically still a cheaper option than ACA for those above 400% of the FPL.
Since 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!