Jane Dotson
Getting medical insurance can be a quick and easy process, with some short-term health insurance plans offering coverage as soon as the day after your application. These plans are ideal for those who are between jobs or facing gaps in coverage due to life changes like moving or aging off a parent's insurance. Short-term plans typically last from one to four months and have lower monthly premiums, but they may not cover pre-existing conditions or essential health benefits required by the Affordable Care Act (ACA). For those seeking long-term solutions, the ACA offers plans with comprehensive benefits, including coverage for pre-existing conditions, but they may be more expensive and have specific enrollment periods.
| Characteristics | Values |
|---|---|
| Fastest way to apply | Log in or create an account on the official Marketplace |
| Apply through an approved enrollment partner | |
| Time taken to get eligibility results | 2 weeks |
| Special Enrollment Period | Outside of Open Enrollment, you can enroll or change plans due to a life event or income change |
| Short-term health insurance | Coverage begins as soon as the day after application |
| Coverage lasts anywhere from 1 to 12 months | |
| Generally have lower monthly premiums | |
| Catastrophic health insurance | Lower premiums but higher deductibles |
| Designed to protect against financial hardship due to unexpected medical costs |
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What You'll Learn
Short-term health insurance plans
Short-term health insurance may be suitable for those who need temporary coverage due to missed open enrollment, loss of health coverage, or other life changes. It can fill the gap in coverage until you can choose a long-term solution. However, it is important to remember that short-term plans may have waiting periods, and subsequent short-term plans may result in losing coverage for certain conditions or restarting deductible and waiting period requirements.
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Special Enrollment Periods
A Special Enrollment Period is a period of time outside of Open Enrollment when you can enrol in or change your health insurance plan due to a significant life event or a complex issue. This period allows individuals to sign up for a Qualified Health Plan outside of the standard Open Enrollment Period.
- Losing health coverage: If you or anyone in your household has lost or expects to lose their health insurance coverage within a specified time frame (usually 60 days), you may qualify for a Special Enrollment Period. This includes losing coverage through an employer or a family member's employer, as well as government-provided insurance like Medicaid or the Children's Health Insurance Program (CHIP).
- Gaining a dependent: If you gain a dependent due to a child support or court order, you may qualify for a Special Enrollment Period. Coverage can start from the effective date of the court order, even if you enrol up to 60 days later.
- Marriage: Getting married is considered a Qualifying Life Event for a Special Enrollment Period. You must select a plan by the last day of the month for coverage to start the following month.
- Having or adopting a baby: The birth or adoption of a child is a Qualifying Life Event. Similar to marriage, you must select a plan by the end of the month to have coverage start at the beginning of the next month.
- Moving: Moving to a different state or within your current state can trigger a Special Enrollment Period if it makes new health plans available to you. This includes a permanent move to a state that offers different health plans, like New York.
- Income changes: If your household income changes and falls below a certain level, you may qualify for a Special Enrollment Period to enrol in a Marketplace plan or government-provided insurance.
- Domestic abuse or spousal abandonment: Survivors of domestic abuse, violence, or spousal abandonment may qualify for a Special Enrollment Period to enrol in a separate health plan from their abuser or abandoner.
- Serious medical conditions: Facing a serious medical condition or unexpected hospitalization that prevented you from enrolling on time may qualify you for a Special Enrollment Period.
- Natural disasters: If you are impacted by a natural disaster, such as a hurricane or flooding, and live in a county designated for "individual assistance" or "public assistance" by FEMA, you may be eligible for a Special Enrollment Period. You typically have 60 days from the end of the FEMA-designated incident period to enrol.
It is important to note that Special Enrollment Periods can vary based on the specific circumstances and the state in which you reside. Additionally, short-term health insurance plans are also available and can provide coverage for 1 to 12 months, filling gaps in coverage until you find a long-term solution. These plans are medically underwritten and may not comply with all federal market requirements for health insurance, so careful consideration of the policy details is essential.
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Catastrophic health insurance plans
While it is possible to get health insurance quickly, it is important to understand the different types of plans available and their specificities. One such type is Catastrophic Health Insurance Plans.
These plans cover the same minimum health benefits as other plans under the Affordable Care Act, including preventive services, emergency services, and prescription drugs. However, they differ in that policyholders must pay for all healthcare costs until they meet a high annual deductible, which can be up to $9,450 per person or $18,900 for a family. Once the deductible is met, the plan pays for most covered healthcare services for the rest of the year.
Catastrophic health insurance is a good option for those who cannot afford other plans or face financial difficulties. It is important to note that these plans do not cover specific injuries or illnesses but rather cover treatments that are extremely expensive. Additionally, they do not have coinsurance, which means that, unlike standard health insurance, there is no cost-sharing with the insurer once the deductible is met.
To apply for catastrophic health insurance, individuals must fill out an application and submit it to the Exchange, claiming any exemptions on their annual tax return.
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Eligibility and enrolment
Eligibility for health insurance is determined by a range of factors, including age, gender, income, geographical location, household size, and tobacco usage. For instance, short-term health insurance plans are typically available to those who are between jobs, facing unemployment, or dealing with gaps in coverage due to life changes such as moving or aging off a parent's insurance plan. These plans are also suitable for those who do not qualify for Obamacare or have missed the standard enrollment period.
It's important to note that short-term health insurance differs from Affordable Care Act (ACA) plans. Short-term plans are not required to comply with certain federal market requirements, such as covering essential benefits outlined in the ACA. They are medically underwritten, which means the insurer evaluates your health status, medical history, and sometimes lifestyle factors before approving coverage or setting premium rates. Therefore, short-term plans may not provide coverage for certain pre-existing conditions or essential health benefits.
To enrol in health insurance, you can apply through the official Marketplace, such as HealthCare.gov, or via an approved enrolment partner like an insurance company or online health insurance seller. You can also seek help from local organizations that assist with the application process, and some may offer assistance in languages other than English. During the Special Enrollment Period, you can enrol in or change Marketplace plans due to specific life events or income changes.
When applying for health insurance, it's essential to carefully review the terms and conditions of the policy or certificate to understand any exclusions or limitations regarding coverage of pre-existing conditions and health benefits. Additionally, be mindful of potential lifetime or annual dollar limits on health benefits. For immediate health insurance, short-term plans can provide coverage as soon as the day after your application, while traditional ACA plans may take longer to process.
Overall, it is crucial to assess your individual situation, needs, and budget to determine the best option for you. Short-term plans may offer lower monthly premiums, but they also come with limitations on coverage and potential out-of-pocket expenses.
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Immediate health insurance coverage
If you need immediate health insurance coverage, you can consider the following options:
Short-term health insurance
Short-term health insurance plans can provide rapid coverage, sometimes as soon as the day after your application. They are a good option for those who need immediate, temporary coverage to bridge a short gap in insurance, such as between jobs, outside enrollment periods, or after losing employer-based coverage. These plans are typically available for up to 4 months of coverage during a 12-month period and can be medically underwritten.
Short-term plans are not required to comply with the Affordable Care Act (ACA) and thus do not cover pre-existing conditions. They may also have lifetime and/or annual dollar limits on health benefits. The benefits covered and costs incurred can vary greatly between plans and insurance companies, so it is important to carefully review the details of any plan you are considering.
Special Enrollment Periods (SEP)
SEPs provide quick access to comprehensive, ACA-compliant insurance if you qualify after a significant life event, such as getting married, having a baby, moving, or losing health coverage or income.
Medicaid and CHIP
Medicaid and CHIP offer immediate, low-cost, or free coverage for those who meet income and eligibility requirements, with enrollment open year-round. Many states have expanded their Medicaid programs to cover all people below certain income levels, and in some states, CHIP covers pregnant women.
COBRA
COBRA enables you to temporarily continue coverage from a previous employer after leaving a job, and it activates immediately. However, it tends to be more costly than other options. Unlike short-term insurance, COBRA covers pre-existing conditions and offers the same benefits as the employer's plan.
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Frequently asked questions
Short-term health insurance can be purchased at any time and typically begins within a few days of applying.
Short-term health insurance is a good option for those who are between jobs or waiting for employer-sponsored coverage to begin. It is also a good option for those who are healthy and rarely need to see the doctor. Short-term health insurance plans typically have lower monthly premiums, which are appealing to those on a budget.
Short-term health insurance provides coverage for a limited time, usually three to four months. It can cover emergency room visits, hospitalisation, surgeries, and, in some cases, prescription medications. However, it is important to note that short-term health insurance is not required to cover pre-existing conditions and may have limitations on essential health benefits.
You can apply for short-term health insurance by contacting a licensed insurance agent or finding an approved enrollment partner, such as an insurance company or online health insurance seller. They can help you fill out an application and determine your eligibility for coverage.
