You don’t have to make any immediate changes if you’re happy with your existing health plan that doesn’t comply with the Affordable Care Act (ACA). In March 2014, the Obama administration granted Americans a two-year extension in switching to a policy that complies with the ACA -- meaning that some of us could have non-compliant health coverage well into 2017.
So you can buy a new non-compliant plan if you don’t think you need coverage that meets the ACA’s Minimum Essential Coverage requirements. However, there are several reasons why you might want to think about getting ACA-compliant coverage.
Reasons why you might not want a non-compliant policy
Transitioning to an ACA-compliant policy
If you decide that you want to buy a Marketplace policy, you’ll face a gap in coverage of 15 to 45 days before your Marketplace plan takes effect.
Short-Term Medical (STM) insurance is designed to cover Americans through temporary situations like a wait for Marketplace coverage to start. You choose the length of coverage, coinsurance and deductible so you’re prepared in the case of a medical emergency.
STM doesn’t comply with the ACA requirements. However, it works great to get you through an ACA waiting period. Coverage can be as short as a month and you can tailor the length of coverage to your situation.