BREAKING NEWS 2024- Is this the END of Short Term Medical Plans?

BREAKING NEWS 2024- Is this the END of Short Term Medical Plans?- Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
Call us today at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:31 End of Short Term Medical
0:59 Why the Changes?
3:45 Good or Bad?
4:27 More About STM
7:09 Final Thoughts
Breaking news and huge changes coming to short term medical plans starting Sept. 1, 2024. Stay tuned to learn more so you can enroll before it’s too late!
Ok, let’s jump right into it. So, as of Sept. 1, 2024, short term medical plans are going to majorly change. In recent years, those interested in a short term medical plan could enroll in a plan for a period of up to three years. As of September 1, you will only be able to enroll for a period of up to 90 days with an option for a one month extension.
So, what’s the deal?
Large medical plans are usually able to offer pricing based on the overall health of the group. So, those with larger medical needs are balanced by those with lower medical needs. Since there is no medical underwriting or concerns for preexisting conditions for marketplace plans, this balance works reasonably well.
Short term medical plans can offer lower premiums to those eligible however they require medical underwriting. That means that those that are healthier may opt for a short term medical plan with a lower monthly premium leaving a sicker population to utilize the marketplace plans. This can throw the whole sense of balance out of whack.
Also, because the benefits are offered may not be as comprehensive as marketplace plans, sometimes people are left out in the cold when their insurance does not offer the benefits they thought it did.
For example, a man with cancer who was denied coverage because his plan considered it to be a preexisting condition. Or a woman who was left with 20k in medical bills due to an amputation that her carrier would not cover.
That being said for may who are younger and healthier but unable to qualify for a premium tax credit, they may be left with no insurance options. There are many who fall through the cracks making too much for a premium tax credit but still too little to comfortably pay for a full priced plan.
Let us know in the comments below. Should we roll back short term medical? Is there a better solution?
BUT, there is still time to enroll in a 3 year plan if you’d like. Let’s talk about the pros and cons to help you determine is a short term medical plan is right for you!
Short term medical, marketplace, let us know in the comments below what you think is the better option.
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[@markjohnson1933]

The one thing you never mention and never investigate is living abroad. I solved my early retirement insurance and tax problems by spending 10 months a year overseas...where you need only limited insurance. Amazing how all the second rate countries are able to put people first.

[@iHealthBrokers]

Unfortunately, that is often not a viable option for many but it is great that you've found a solution that works for you! Congrats on your early retirement!