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. CURRENT LAW only allows people to buy up to 90 days of STM coverage. However,a RECENT EXECUTIVE Order by President Trump has asked the Federal Government to look at restoring the maximum STM coverage back to 365 days. This order was signed 2/20/18, and gives HHS 60 days to get input and make a final ruling. If the law is changed, individuals may be able to buy a longer than 90 day policy as soon as June or July of 2018.
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 or later 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.
NOTE: The government has removed the penalty for individuals beginning in year 2019. The penalty still applies for tax year 2018.
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!