Please note, our Short Term Medical insurance is intended for temporary gaps in health insurance. It is not compliant with the federal Affordable Care Act and does not cover expenses related to pre-existing conditions.
Open Enrollment for 2017 Affordable Care Act (ACA) health coverage started November 1, 2016 and lasts through January 31, 2017. If you enrolled in a health plan by December 19, 2016, your new coverage will start on January 1, 2017.
If you do not purchase or change your healthcare plan during the 3-month open enrollment period, you will not be able to enroll in a new ACA plan for 2017 unless you qualify for an exception. These include Medicaid or the Children’s Health Insurance Program (CHIP) or a Special Enrollment Period (requires a change in life situation).
Here we cover your health insurance options, complete with pros and cons:
The Health Insurance Marketplace is a government-run exchange where companies list their approved health plans.
If you have a 2016 Marketplace plan and do not change it during this period, it will likely be auto-renewed for 2017.
All Marketplace plans meet the requirements for minimum essential coverage under the ACA. They are divided into four general benefit categories:
Marketplace plans are the only plans that offer two income-based cost-reduction benefits.
The first is the premium tax credit. This helps lower your monthly premium payments if your income is low enough to qualify.
The second is the cost-sharing reduction. This benefit reduces the amount of money you have to pay out-of-pocket for health expenses – again, if your income is low enough to qualify. You can only get this benefit if you purchase a Silver plan.
Pros of a Marketplace Plan:
Cons of a Marketplace Plan:
A Marketplace Plan Is Ideal for:
Enroll in a Marketplace plan at healthcare.gov/get-coverage.
You may purchase a private health plan that counts as qualifying health coverage directly through an insurance carrier outside the Marketplace. This gives you much more control over choosing a specific company, but also makes comparing different companies more labor intensive.
As with Marketplace coverage, these plans are only available during the 3-month Open Enrollment Period, or to individuals who qualify for a Special Enrollment Period.
Pros of an ACA-Compliant Plan Outside the Marketplace:
Cons of an ACA-Compliant Plan Outside the Marketplace:
An ACA-Compliant Plan Outside the Marketplace Is Ideal for:
To Enroll in These Plans, You May:
A grandfathered plan is a health plan that was created on or before March 23, 2010 and has not been changed in a manner that drastically cuts benefits or increases costs for policyholders.
These plans are considered qualifying health coverage, so you won't be subject to the tax penalty by carrying a grandfathered plan. However, these plans do not have to offer all the benefits required of other ACA-compliant plans.
While a grandfathered plan cannot enroll new people, those enrolled prior to March 23, 2010 may keep their plan. However, your insurance company may stop offering your grandfathered plan as long as it provides you with 90-days’ notice and other available options. In that situation, you would be eligible to buy a Marketplace plan as part of a Special Enrollment Period.
Check your insurance plan documentation to see if you have a grandfathered plan.
Pros of a Grandfathered Plan:
Cons of a Grandfathered Plan:
A Grandfathered Plan Is Ideal for:
See your options if your grandfathered plan is cancelled here.
You should always choose to purchase an ACA-compliant health plan when the option is available to you. However, outside the Open Enrollment Period, a short-term medical insurance plan is your only option for coverage, unless you qualify for a Special Enrollment Period (SEP), Medicaid, or the Children’s Health Insurance Program (CHIP).
Short-term medical insurance (STM) policies are available outside of Open Enrollment to provide you with temporary coverage until you are able to secure long-term insurance again. During Open Enrollment, you can also use a short-term policy to cover the waiting period before your ACA coverage begins.
Short-term policies are do not count as minimum essential coverage and should never be used as a long-term solution. They offer limited-duration coverage of less than 3 months.
Short-term policies have the following limitations:
These limitations exist due to short-term insurance's definition of being a gap-filler meant for short durations of coverage.
If you purchase a short-term policy as your sole coverage, you will very likely still be subject to the ACA tax penalty for not maintaining minimum essential coverage.
However, if you have a brief coverage gap of only 1 or 2 months, you can claim a “short gap in coverage” exemption to avoid the fee. You must have ACA-compliant coverage the rest of the year to qualify.
Pros of Short Term Medical, Underwritten by HCC Life Insurance Company:
Cons of Short Term Medical Insurance:
A Short-Term Medical Plan Is Ideal for:
Short Term Medical (STM) plans provide temporary, short-term coverage of less than 3 months. STM plans do NOT provide “minimum essential coverage” as defined in the Affordable Care Act ("ACA" also known as "Obamacare"). STM plans also do not cover pre-existing conditions, cannot be renewed, and are not guaranteed issue.
Please review the policy for additional exclusions and limitations. By purchasing an STM, you may still be subject to the ACA tax penalty for not maintaining minimum essential coverage. You should consult your tax advisor to determine if the ACA tax penalty applies to your specific situation. You may buy a Nevada policy on the exchange after open enrollment, but it will not take effect for 90 days.