ACA Frequently Asked Questions

Short Term Medical Insurance

SHORT TERM MEDICAL

Short term health insurance for temporary gaps in coverage.

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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.

How do I start an application?
If you are interested in purchasing a plan through your state’s health insurance exchange, you must create an account on Healthcare.gov. Afterward, you will select your state, and the next steps will be provided. Alternatively, you can apply over the phone by calling the Marketplace Call Center, by downloading, completing, and returning a paper application, or in-person by requesting the help of a navigator, agent, or broker in your area.
How can I find someone to help me with my application?
The Healthcare.gov website provides a searching tool to find trainers and assisters to meet with you in person or over the phone.
Where can I find 2016 Marketplace plans and prices?
You can create an account and start an application to get more accurate plans and prices, but if you would like an estimate see plans and prices for 2016.
How do I renew or change my Marketplace coverage for 2016?
You should have received two letters from both your provider and from the Marketplace telling you if your policy is renewable, if your plan will increase, and how to compare, change, or keep the plan. If you do nothing you will be automatically re-enrolled in your current marketplace plan.
Will I save money on health insurance?
Filling out an application is the best way to find out if you will save money through a Marketplace plan. But you can estimate your costs by typing in your zip code, dependents, and annual income at Healthcare.gov.
 Do I have to pay a penalty if I don’t have health coverage?
If you do not purchase health insurance for the 2016 year, you will have to pay a penalty. The fee is $695 per person ($347.50 per child) or 2.5% of your household income, whichever is higher. If you are only uninsured for part of the year, the fee is 1/12 of the annual amount for each month you (or your tax dependents) don’t have coverage. If you are uninsured for two months or less, you do not have to pay a penalty.
What are "cost sharing reductions," and how can this affect my plan choice?
Cost sharing reductions are an extra savings benefit that you can get if you purchase a silver plan through the health insurance marketplace. The cost sharing reductions allow those who qualify to pay lower out-of-pocket costs for medical services. While you can get the premium tax credit for any category, you can only get the cost sharing reduction with a silver plan.


Short-Term Medical and ACA

What is short-term medical insurance?
Short-term medical insurance (STM) policies are designed to provide temporary coverage during life’s transitions until you are able to secure long-term insurance again. STM policies have policy limitations not found in Affordable Care Act plans, reduced maximum benefits and usually lower insurance premiums, making them a viable option for your emergency needs. With limited medical underwriting, no application fee, and no out-of-network penalties, HCC Life’s Short Term Medical is a viable option to consider while waiting for ACA insurance coverage to take effect.
If I set up a short-term medical policy, will I still be subject to the ACA tax penalty?
STM is not a permanent health coverage solution. As it is a non-compliant policy, you will be subject to the tax penalty if you use STM as your only coverage throughout the year. It is not subject to guaranteed issuance, renewal, policy maximums, and also contains exclusions and limited benefits. If you hold a non-compliant policy for no longer than two consecutive months, you will not be subject to a penalty, provided you obtain ACA-compliant insurance (depending on how long you were uninsured).
Why is STM not compliant with the ACA?
HCC Life’s Short Term Medical insurance does not meet all the benefits required by the ACA. Short-term medical plans are limited duration policies—they do not cover preexisting medical conditions and do not cover all preventative care. Short-term medical plans are designed to cover unforeseen illness and injuries.
When should I consider purchasing an STM policy?
You should consider STM if you are looking to bridge short gaps in health coverage, and not in immediate need of all of the benefits offered by an ACA-compliant plan. The best approach is to purchase an ACA health plan, and then purchase an STM policy to cover the gap of time (usually 15 to 45 days) until your ACA plan goes into effect.

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