Short Term Medical (STM) insurance is designed to give someone health insurance/medical coverage for catastrophic events for a short period of time, generally a year or less. Pre-Obamacare, individuals could buy up to 365 days of coverage. President Obama and his administration limited this to 90 days, forcing many individuals who could not afford an Obamacare plan to go without insurance. President Trump had an executive order in Feb 2018, that became law in October of the same year to restore Short Term insurance back to its original option of 365 days.
State of IL legislature has passed a law that limits choices for people living in IL to 180 days of short term coverage, even though the Federal law is for 365 days.
All STM plans are NOT ACA compliant and do not meet the requirements of the healthcare law. Currently there is no penalty to not having an ACA compliant plan. REMEMBER: Short Term Medical (STM) does NOT cover any Pre-existing Conditions, does not typically cover annual wellness or preventative services, and insurance carriers can ask medical questions and decline for such things as cancer, diabetes, if you are currently pregnant or morbidly obese.
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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.
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 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!