Some insurance companies may sell private health plans outside the Health Insurance Marketplace that meet the Affordable Care Act (ACA) requirements for minimum essential coverage.
However, there’s one important difference: Marketplace plans are the only plans that allow you to get subsidized on your monthly premiums based on your income.
If you don’t meet the income requirements for subsidies, you can get coverage in one of four ways:
According to Modern Healthcare, roughly two-thirds of Preferred Provider Organization (PPO) plans on the insurance exchanges are either being dropped or reduced for 2016, an effort by insurers to save on costs. Since networks of hospitals and doctors will be narrower than in previous years, it’s important to do your homework and make sure you are purchasing the coverage you need.
As you investigate your coverage options, you may want to consider looking into Short Term Medical (STM) insurance, underwritten by HCC Life Insurance Company. STM is designed to cover you throughout temporary situations of one month or longer, and you can tailor it to your needs by selecting the length of coverage, deductible, and coinsurance.
Though STM isn’t ACA compliant, it can cover you through the 15-to-45-day coverage gap caused by open enrollment policy start dates, or cover you while you make your decision regarding a long-term health plan.