New Ruling Positions Short-Term Limited Medical Insurance to Fill Important Niche for Americans Struggling to Afford Insurance During Times of Transition
GALVESTON, Texas, Nov. 22, 2016 /PRNewswire/ -- The new 90 day duration limit imposed on Short-Term Medical insurance for compliance with the Affordable Care Act, positions the Short-Term Limited Medical product from Standard Life and Accident Insurance Co. to fill a unique niche since it is categorized as Limited Medical and therefore not subject to the ruling.
A white paper released today by Standard Life and Accident Insurance Co. illustrates how many Americans feel they simply cannot afford insurance because they are self-employed, unemployed or have been hired only on a short-term work contract.
Because these groups of people do not have an employer to help them with major medical insurance, some with funds available opt for short-term medical insurance while others simply choose to go without coverage. Fortunately, short-term limited medical policies offer a temporary health insurance solution to give both groups an affordable alternative.
Short-term limited medical was created with those in a transitional period in mind. The policy is a unique product, ideal for recent college graduates still looking for work, early retirees that need coverage before Medicare eligibility, anyone between jobs or anyone needing temporary coverage. The flexible plans allow policyholders to enroll for just a month or up to 364 days.
Benefits of short-term limited medical coverage include:
- Fast approval process
- No restrictions on health care providers
- Stop-gap solution
- The freedom to purchase a new policy after the current one expires
"Everyone goes through transitional periods where their finances may be under a tighter belt, but avoiding insurance coverage could cost you in the long run," said Debie Knowles, Vice President, CMO at Standard Life and Accident Insurance Co. "Short-term limited medical is the perfect solution to provide coverage that is affordable to those without the means to pay for full major medical." However, like Short-Term Medical, Short-Term Limited Medical insurance is not ACA compliant and clients may be subject to the tax penalty.
About Standard Life and Accident Insurance Co. - Standard Life and Accident was founded to provide clients in the individual market with realistic life and health products that solve their needs for financial security. Today, Standard Life has expanded to provide protection for both large and small groups in the Worksite market offering competitive Accident, Cancer, Critical Illness, Group Term Life, Limited Medical and Short-Term Disability products.
ContactDebie Knowles, Vice President, CMODebie.Knowles@AmericanNational.comStandard Life and Accident Insurance Co.
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SOURCE Standard Life and Accident Insurance Co.