Individual and Family
Short Term Health Insurance in Florida: An Affordable Option
Updated on December 07, 2019
Have you heard of short term health insurance plans in Florida, and wondered why some people opt for this type of coverage?
According to a 2018 eHealth survey, average individual premiums for short term health insurance in Florida are $115 a month, with a $4,945 deductible*. For family short term plans, these numbers are $285 and $9,371.
Many have found that the rising prices in the individual health insurance market are unaffordable, and are left with few options—but the affordable prices of short term plans can serve as a solution for those who are left without health insurance due to a temporary gap, or simply because they cannot afford ACA (affordable Care Act) plans.
*This is generally the amount you or anyone insured under your plan needs to spend on covered health services before insurance starts to cover, or contribute to payment of your claims.
Why short term health insurance in Florida is a great option for some
An eHealth report found that in 41 US cities, the annual income required to afford ACA coverage would be $51,455, whereas the annual income required to afford short-term coverage is just $8,169. The median average household income in those cities was $51,030, making ACA coverage quite unaffordable for some.
Short term coverage in Florida is a great option for some, simply because it is an affordable option. It’s a way to get coverage for those who simply cannot afford ACA plans found on the Marketplace. In fact, 50% of respondents in an eHealth survey of short-term customers said they would go uninsured if it weren’t for their short term coverage.
Another reason short term health insurance in Florida works for some is because it can provide affordable, temporary insurance to fill gaps between coverage. For example, if you’ve lost health insurance through a job, but are looking for another job soon, you may want to get yourself a short term plan just to cover yourself in case of emergencies.
Additional reasons for getting short-term health insurance in Florida include:
- Gap in coverage while waiting for Medicare to kick in
- Loss of coverage after a divorce, or aging out of a parent’s plan
- Need for proof of insurance quickly for a special activity or trip (temporary coverage will not serve as proof of insurance for tax purposes)
The skinny on short term health insurance in Florida
Some of the key benefits of short term plans in all states include:
- Fast approval
- Coverage for unexpected major illness or injury
While short term plans do have many benefits, it’s important to note a few details about this type of coverage:
- Short term plans can deny coverage due to pre-existing conditions
- Short term health insurance in Florida will not protect you from the fine associated with the individual mandate, which is still in effect through the 2018 tax year
- For now, short term plans are limited to 90 days
- Benefits are mostly limited to emergency care; ten essential benefits under the ACA are not guaranteed
Each plan has its own terms and limitations, so be sure to check the official plan documents to understand how that specific plan works. This article is only for general education.
The future of short term health insurance in Florida
We already know that starting in 2019, the tax penalty associated with the individual mandate will be reduced to $0. This means that individuals without ACA-compliant coverage in 2019 will not face fines when tax season comes around, which in turn means individuals can choose short term plans without owing the IRS money later on for not having proper coverage.
Additionally, short term health insurance in Florida, and most other states, may last longer in the future. According to Kaiser Family Foundation, President Trump issued an executive order for steps to be taken towards expanding the availability of short term health insurance policies. A published proposal by the Trump Administration also sought to amend the definition of short-term plans, changing the maximum coverage period back to 12 months.
How to get short term health insurance in Florida
eHealth makes it easy for individuals to search for coverage of all different levels. Visit our short term page to see what plans are available to you in your area.
As stated before, one of the major benefits of short term health insurance in Florida is how fast you can apply, get approved, and have coverage begin. It may only take around a few days for some—so if you chose to get short term coverage, you won’t have to worry about being uninsured for too long.
This article is for general information and may not be updated after publication.