“My legacy continues!”…………..
As the Trump administration continues to debate the future of the Affordable Care Act, a new Obama-era health insurance rule is taking effect…………….
SOURCE: IHC Group
New Rules May Limit Your Short-Term Coverage Plans
As the Trump administration continues to debate the future of the Affordable Care Act, a new Obama-era health insurance rule is taking effect. It’s a rule that changes temporary coverage as we know it.
Once available up to 364 days in some states, short-term medical (STM) policies are now limited to 90 days or fewer. This new rule applies to all STM plans sold nationwide.
Why have maximum STM policy lengths been reduced?
Short-term plans are designed to be temporary coverage. However, temporary is a relatively subjective term and prior to April 1, 2017, STM policies were available for as few as 30 days to as many as 364 days in some states.
To prevent individuals from purchasing short-term medical (STM) plans as their primary form of coverage, the Department of the Treasury, Department of Labor, and Department of Health and Human Services in October 2016 announced new rules limiting short-term plan durations.
About The IHC Group
Independence Holding Company (NYSE: IHC) is a holding company that is principally engaged in underwriting, administering and/or distributing group and individual specialty benefit products, including disability, supplemental health, pet, and group life insurance through its subsidiaries since 1980. The IHC Group owns three insurance companies (Standard Security Life Insurance Company of New York, Madison