Missed the 2014 Obamacare deadline and still need health insurance?
The deadline to sign up for the Affordable Care Act has officially passed. If you missed this opportunity, then you may be worried about waiting until the 11/15/14 enrollment period for a new policy to begin 01/01/15. However, you don’t have to go without medical insurance because short-term health insurance is available.
Here’s what you should know about short-term health insurance before signing up for coverage.
Short-Term Health Insurance Minimal Coverage
Some of the short-term health insurance policies currently available are not offered to people with pre-existing conditions. You also you may not be able to renew them after a serious illness. They aren’t always in full compliance with the Affordable Care Act, so there may be a penalty for them in the future. The penalty for 2014 is 1% of your income or $95, whichever is greater. Some of these bare-bones plans are the ideal solution for people who are between jobs or have just missed the deadline.
Short-term health insurance provides you with coverage that lasts between 30 days and 11 months. This type of policy term will protect you through most of 2014. When the term runs out towards the end of the year, you may be able to renew the plan for extended coverage. You’ll then be able to get the insurance plan you want in 2015.
Coverage for Catastrophes
You will not have coverage for annual physicals or pre-existing health conditions, but you will have the protection you need in the event of a serious accident or new diagnosis. The policies provide you with peace of mind knowing that you’re covered in case of an emergency up to $2,000,000. It’s important to read the fine print on your policy so that you’ll know exactly what it covers and what you should still be prepared for.
If you missed the 2014 deadline for enrolling in a ACA compliant health insurance policy, you don’t have to resign yourself another year without insurance. Health insurance carriers are offering a range of short-term health insurance plans designed to suit your needs and your budget. Many of them are not compliant with the new law, and you will have to pay a penalty for not having ACA compliant policy.
However, the low premium makes this a viable option for healthy people that need coverage temporarily until the next enrollment period.
Watch for the 2015 deadline (02/15/15), so that you can be sure to get the right insurance for full compliance with the Affordable Care Act in 2015.
If you have questions about short-term health insurance or enrollment dates, please contact Josh Docktor, a licensed health insurance specialist by calling 1-888-773-1181 x1