April 21st, 2020
COVID-19 has been hitting the U.S. economy very hard. Millions of workers are being laid off and going on unemployment, and they are losing their health insurance coverage in many cases as a result. I believe a Short-Term Medical plan might be a great option for some individuals, and so I would like to take a moment to discuss a few options for people who might have lost their coverage. As an agent, you can help your clients discover what options they have, and what might be the best option for them.
Health Marketing Manager
The first option that comes to mind is checking if they can get onto their spouse’s health insurance plan. Their spouse could ask their employer and see what it would take to get them added. This option has the chance of being exceptionally cost-effective.
Second, I would recommend looking into signing up for COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA allows people to retain the health plan that they are used to. It’s important to note this coverage will only cover up to 18 months and the cost can be significant.
Next, you might consider recommending them to purchase their own plan on the insurance marketplace. The ACA (Affordable Care Act) offers Special Enrollment Options for individuals who have lost their coverage due to the loss of their job. The pricing on these plans can be high, but there are income-based subsidies available for those who qualify.
Finally, have them look at a Short-Term Medical plan. Many plans help cover visits to their doctor, some preventative care, emergency room and ambulance coverage, urgent care benefits and more. Many Short-Term Medical plans are flexible and offer options to help individuals find a plan that fits their needs and budget. These plans may have a $100,000 to a $1,000,000 benefit limit per coverage period.
Depending on the state, an individual could get as little as 30 days of coverage or up to 24 months.
Right now, there are carriers who are even waiving deductibles, copays, or coinsurance for physician-recommended COVID-19 diagnostics testing.
Please contact me if you would like more information on our options for Short-Term Medical plans.
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