The Trump administration just announced it was extending the short-term health insurance plans to 36 months. This decision is meant to reduce premiums and create a range of affordable health care options outside of Obamacare.
When can I start purchasing these plans?
According to various sources, the administration will formally adopt the decision on Wednesday, August 8th, 2018. Following the confirmation, it will usually take up to 60 days for health insurers to react and offer the public different short-term insurance options.
Are short-term plans the same as Obamacare plans?
No, but they are relatively similar. Short-term plans were designed as a temporary solution for those who missed the enrollment period, or who were relatively healthy. Each policy offers a different scope of coverage, so we always recommend working with an insurance broker or a specialized agent. However, all short-term plans have to adhere to the rules of the Affordable Care Act, meaning a company cannot deny you coverage based on your pre-existing conditions.
Why has the White House decided to do this?
Well, President Trump and the Republicans have been trying for the last 18 months to repeal and replace the Affordable Care Act. Both the party and the commander-in-chief have failed to reach a consensus. Therefore, this latest decision to extend short-term plans is a way of undermining the previous administration’s bill.
How will this impact the average American?
These short-term options are great for individuals or families interested in plans off of the exchange. It’s no secret ACA premiums have made health insurance less affordable, but some experts believe this will create more competition, and drive down prices over a period.
If you’re thinking about shopping around for a short-term plan, give our agents a toll-free call at 1-855-614-5057. For more information, you can always head to HealthQuoteInfo.com for details on how you can request a free quote.