New regulations are on the horizon for short-term health insurance policies, set to take effect on September 1, 2024. The upcoming changes impact policy duration, coverage standards, and transparency required from insurance providers.
3 Key Changes to Short-Term Health Insurance
- Policies are limited to a maximum duration of three months, with no option for renewal, emphasizing the temporary nature of short-term plans moving forward.
- Mandatory coverage standards will encompass essential services like emergency care, hospital stays, and prescription medications.
- Insurers must offer comprehensive details on the restrictions and exclusions of short-term health insurance plans to enhance clarity for consumers.
What Do Current Short-Term Policyholders Need to Do?
If you currently hold a short-term policy, we will assess your options to either secure a plan with a duration of up to three years (exclusive to pre-September 1, 2024 sign-ups) or transition to an ACA policy effective January 1, 2025. Schedule a consultation HERE before August 31 to ensure your coverage aligns with your needs and complies with the upcoming regulations.
As always, I’m here to make this process as easy as possible for you.
