Short Term Medical Coverage


Short Term Medical Coverage


Short Term medical is available to individuals who don’t have private health insurance or lost group coverage and don’t qualify to purchase a private plan under the Special Enrollment rules.

Short Term Medical plans are NOT “Credible Coverage”; therefore, you will be penalized (according to current rules) under the “Personal Responsibility” rules of PPACA.

“Personal Responsibility” rules state you must have a credible health insurance coverage in 2018 or be subject to a penalty. The tax bill was eliminated beginning January 1, 2019 therefore, you could still be facing a penalty in 2018. The penalty as stated is $695 per adult or 2.5% of household income, whichever is greater. (Consult your CPA for further explanation of the tax code.)

Although, short term medical and other types of coverage do not eliminate the possibility of a penalty, they do provide coverage. Be sure to review the Summary of Benefits to understand the type of policy you are purchasing.

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