Short term health insurance can help you protect your health even if you missed open enrollment.
If you miss the annual deadline for the Affordable Care Act (ACA)’s open enrollment period, you still have options for acquiring health insurance. You’ll no longer be able to obtain the Minimum Essential Coverage in the individual and family market for 2016, but you can still get the health insurance that you need. Short term health insurance can help you cover the cost of your care until the next open enrollment period starts November 1.
This type of coverage is exactly what it sounds like – health insurance that’s only intended to cover you for a short amount of time. In this situation, that time will be until you can get an ACA-compliant policy during the next open enrollment period.
When shopping for a short term policy, make sure you choose one that meets your needs. Specifically, double-check that your health insurance providers will accept this policy and that you can comfortably cover the deductible. Also, confirm that your policy has the right term. If you plan on getting coverage November 1st, for example, you don’t want to pay for a policy that won’t expire until the end of 2016!
Keep in mind that because short term health insurance doesn’t meet the Minimum Essential Coverage requirements of the ACA, it doesn’t exempt you from tax penalties. You’ll still need to be ready for the “individual shared responsibility payment” to come due when you file your taxes.
If you missed open enrollment but don’t want to leave your health at risk, short term health insurance is your best option. For more information about what this kind of policy can do for you, contact Donald Weiss Insurance Services. We’ll work with you to make sure you have the right policy to get the care you need until the next open enrollment period.