Individual and Family
Should You Consider Short Term Health Insurance in Ohio?
Updated on December 09, 2019
For many, individual health insurance plans that are qualified under the Affordable Care Act (ACA) are simply too expensive, especially if you don’t qualify for subsidies. If you’re looking for an affordable option for coverage, short term health insurance in Ohio may be the answer you’ve been waiting for.
Isn’t short term health insurance only meant for gaps in coverage?
While it’s true that short term health insurance in Ohio, and all over the country, was originally intended for small gaps in coverage, eHealth has found that our customers are using it for different reasons. In a 2017 eHealth survey, 27% of respondents said that they purchased short term coverage because it was more affordable. And beyond that, 26% of respondents got a temporary plan because they missed the ACA Open Enrollment Period.
Currently, short term health insurance plans have a maximum coverage period of three months. For the 69% of individuals who reported that they would sign up for short term health insurance that lasts longer, laws may be changing in their favor. According to the Kaiser Family Foundation, the president has released a proposal with suggestions to extend the limit of how long people can be covered with short term health insurance in Ohio, as well as in all other states.
Although it may have been originally intended only for those who had small gaps in coverage, these temporary plans have become a solution for people in all kinds of situations. So in short—no, this type of insurance isn’t only for gaps in coverage.
What is short term health insurance in Ohio?
Short term health insurance in Ohio has many benefits, which include:
- Flexibility—applicants don’t have to wait for an open enrollment period as they do with major medical plans. Those who want short term coverage in Ohio can sign up at any time of the year.
- Speed—if you need coverage immediately, then short term health insurance in Ohio is right up your alley. Not only is the application process simple, but approval usually happens very quickly, and in many cases short term health insurance coverage will start within a few days of approval.
- Affordability—as we talked about before, short term plans are usually significantly more affordable than their counterparts on the individual major medical health insurance market. If you find that the major medical plans you qualify for are simply unaffordable, then it’s worth your time to look into short term coverage to hold you over.
- Coverage for emergency services—if you’re looking for coverage that will protect you in the case of serious illness or injury, then short term may be a good fit for you. Although short term health insurance in Ohio doesn’t cover preventive services, it gives you protection against financial ruin if the medical bills start racking up due to an emergency.
If you’re afraid that short term coverage will not provide you with what you need, you may be comforted to hear that 58% of survey respondents said the short-term plan they bought at eHealth provided them with the benefits they valued most.
It’s important to keep in mind though, that everyone is different, and the coverage that works for some may not work for others. Also note that each plan has its own terms and limitations, so be sure to check the official plan documents to understand how a specific short term plan works. This article is only for general education.
Who should get short term health insurance in Ohio?
We’ve established that due to instability and rising prices on major medical plans, short term coverage has become a popular option, and not just for people who have a gap in coverage. While the past five years have seen remarkable increases in monthly premiums for ACA-compliant plans, the average monthly premium for short term plans in 2017 is identical to that of 2014 according to eHealth’s study on short term coverage in 2017. So for many, short term health insurance is simply an affordable alternative to major medical and more traditional health insurance.
Some instances in which people might enroll in short term health insurance in Ohio may include:
- Gap in coverage due to:
- Loss of job
- Aging out of parents’ plan
- Failure to pay monthly premium
- Gap in coverage while waiting to become eligible for Medicare
- Missing the annual Open Enrollment Period
- Needing quick proof of insurance for a special event (short term does not count as proof of insurance for tax purposes)
If you need short term health insurance in Ohio beyond the typical 90 days that a plan lasts, it may comfort you to know that you’re not alone. Consumers are allowed to re-apply for a short term plan once it ends, and in 2017, 22% of eHealth’s short term customers did exactly that. So although the current law does not allow a short term plan to last longer than 90 days, there is the option to re-apply (keep in mind that there is no guarantee of approval though).
How to get short term health insurance in Ohio
If you’ve decided that short term health insurance in Ohio is for you, eHealth has the tools to help you find the right plan for your needs. Visit our short term page, and you can get instant quotes on plan prices, and be covered in as little as a few days after you get approved.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.