Short Term Health Insurance
For Elmhurst, Chicagoland & IL Residents
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Short Term Medical Insurance When You Need It
Short Term Medical (STM) insurance is designed to give someone health insurance/medical coverage for catastrophic events for a short period of time. Most insurance companies will allow you to purchase this insurance for up to 6 months; a few will go up to 1 year. Some companies impose limits on purchasing a new policy at the end of your first 6 months of coverage. It is not uncommon for an insurance carrier to give someone a one-time "renewal" of the policy, purchasing up to another 6 months at the end of their first policy termination. Technically, you are not really renewing the policy, but instead starting over and buying a new policy with a new deductible and new benefit limits.
All STM plans are NOT ACA compliant and do not meet the requirements of the healthcare law. So if you have a Short Term Health Insurance policy for more than 90 days, you will be subject to the tax penalty under the ACA law. Penalty for 2017 is the higher of:
- 2.5% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,150 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a Bronze plan.
- $695 per adult and $347.50 per child under 18. The maximum penalty per family using this method is $2085.
Because Short Term Medical Insurance policies are not ACA compliant, they do not cover Pre-existing Conditions at all or Preventative benefits for "free", and they are not guaranteed to be issued. This means that the insurance carrier can ask you medical questions (although most only have about 3-5 questions that you must say NO to in order to get coverage.) If you say YES to a medical condition (ie. Diabetes, cancer in last 5 years, currently pregnant, or exceed a certain height/weight limit), you can be declined for coverage.
A Change In Your Employer Doesn't Mean You Have To Be Unprotected
People who purchase these plans usually do in order to have coverage for a small window of time, say 2-3 months, while they wait for their other insurance to kick in. The maximum waiting time for a new employee to get on a group health plan is 90 days after the date of hire. People who are considering COBRA and are in the 63 day window to decide and pay for this coverage, might consider a short term medical plan. Also, if someone is enrolling through the marketplace and coverage will not begin until the first of the month, they might want to purchase a 1-month Short Term Medical plan to give them coverage immediately if they have no current coverage. STM plans offer coverage "next day" after the date you enroll. So sign up today and be insured tomorrow!
CB Health Insurance: Your Local Insurance Specialists
CB Health Insurance is the premier Short Term Health Insurance provider for Elmhurst and All Of Chicagoland. Simply click on the button at the top of this page for your free quote today!