AgileHealthInsurance Report | 2017-03-06
April 1 2017 Changes to Short Term Medical Insurance
On April 1 there will be significant changes to the way consumers can purchase short term medical insurance. Regulation CMS-9932-F, finalized in late 2016 and effective April 1, will require short term medical insurance to be limited to terms of less than three months. This is a significant change from current law that allows states to determine the length and availability of short-term plans to their residents. Currently short-term plans have been available for up to twelve months, depending on a consumer’s state.
Although this new regulation restricts the length of short term medical insurance plans, it does not mean that consumers will be forced to go without insurance. Instead, they will need to reapply every three months to avoid a lapse in coverage.
Given the political focus on healthcare reform and Executive Orders from the President to reduce regulations, this limitation on short term medical insurance may be rescinded, but not before April 1. We at AgileHealthInsurance.com strongly encourage our customers to buy longer-term plans while they are still available. Apply before April 1. You can cancel your plan later if you find you will not need the additional months.
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Short-term insurance has long been seen as an affordable option for those who need quality health insurance, but may not be able to afford the high premiums associated with an ACA approved plan. Click Here to learn more about short term medical insurance.