Insurance Marketplace, Inc Blog
As the pandemic continues, you might have been planning to get an insurance plan for you and your family’s health. However, you can’t do so due to financial issues caused by the crisis as well. For more affordable coverage, choose short-term health insurance instead. Here are what you must expect in this type of insurance coverage for 2021.
Short-Term Health Insurance Changes in 2021
For starters, short-term health insurance pertains to coverage for people who are:
This insurance is ideal for protecting you from crippling medical costs, but it does not prevent you from paying fees due to a lack of long-term health insurance coverage, like Obamacare. To avoid mistakes in filing health insurance, you must know the changes in short-term insurance in 2021 under the Trump administration.
These changes intend to provide more health insurance options for non-ACA (Affordable Care Act) health coverage payees. One of the significant changes in short-term plans is the need for carriers to provide information about how their short-term health insurance coverages differ from their long-term counterparts, allowing them to seek the most suitable insurance for them.
Short-term health insurance is now available for up to 36 months, where continuous coverage is renewable for up to three years. In 2019, the administration also eliminated the federal health insurance mandate, so insurance plans that do not meet the ACA minimum required coverage no longer need to pay the 2% income tax fee.
Short-term health insurance cancellation has also changed in favor of impulsive insurance buyers. Canceling a short-term health insurance coverage within the first ten days of purchase allow you to receive a full refund. In this case, you will receive a prorated refund from the unutilized benefit.
In New Jersey, California, and other state mandates, short-term plans are not applicable. Moreover, your short-term health insurance coverage might be void if you have the following conditions:
Due to these structure changes, 75% of short-term health insurance providers become more willing to provide this coverage in 2021. Thus, choosing among these companies may be daunting and confusing. However, always choose an insurer that offers extensive health insurance plans at a minimal cost.
At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE.