Short term Medical Insurance
Short term medical insurance (STM) is meant to bridge the gap between major medical coverages. The shortest policy length is 30 days, with coverage starting as early as the day following completion of your online application. Here are a few situations you may find yourself in where short term health insurance is necessary:
- Waiting for your ACA coverage to begin
- Waiting period prior to joining employer plan
- Available year round (no special enrollment period needed)
- Lower cost alternative to ACA plans
STM Policies can be customized specifically to your liking through different deductible, co-insurance, and maximum benefit amounts. These plans typically cover doctor's appointments, hospital room and board, emergency room visits, ambulatory services, and more.
This type of insurance is not considered ACA (Affordable Care Act) compliant and does not meet the Minimum Essential Coverage requirements of the ACA. It can be relatively inexpensive because it does not cover all ten Essential Health Benefits that ACA-compliant plans are required to cover. Some policies include limited pre-existing condition coverage and an option to add prescription drug benefits through a separate product. You'll need to answer medical questions to qualify, and the insurance company can deny your coverage unlike ACA-compliant plans which are guaranteed issue. Remember to consult with your agent before signing up.