Currently, under the Affordable Care Act, all US Citizens are required to enroll in a Qualified Health Plan. Qualified Health Plans include the 10 Essential Health Benefits and cannot deny applicants based on preexisting conditions. Since the implementation of Qualified Health Plans in 2014, health insurance options have decreased while premiums have steadily increased. In a recently proposed tax bill, President Trump aims to increase coverage options to consumers nationwide. For the next few weeks, Capital Hill will debate the proposed regulation changes regarding short term health insurance plans. However, some of these proposed changes may not affect Nevadans due to already established Nevada Revised Statutes.
Short Term Plans
Although short term health insurance plans do not include the 10 Essential Health Benefits, these coverages will impose lower premiums. Short term health insurance plans ask health questions and calculate premiums based on the specific coverages included in the policy. These policies can be customized and include tailored benefits while meeting specific to the needs of the consumer.
Currently, Qualified Health Plans are the only private insurance policies that last an entire 12 month term. President Donald Trump is proposing to allow short term health insurance plans to do the same. Even though the short term plans may reject applicants based on preexisting conditions, Trump’s goal is to increase options to consumers nationwide. If denied a short term plan based on a health condition, consumers can still enroll in Qualified Health Plans during the annual open enrollment period.
Impact on Nevada
Throughout the years, Nevada has passed state legislation to protect consumers and give them the best possible coverage options. Federally, short term health insurance plans cannot exceed a 3 month term. Nevada Revised Statutes have extended short term health insurance policies to a maximum of 6 months per year. If the proposed changes pass federally, Nevadans may not be able to take advantage of a 12 month long short term health insurance plan due to these state regulations.
Understanding your options as a consumer is critical in the current health insurance market. Applying for the right Qualified Health Plan or short term health insurance plan takes a trained eye. If you or your family need help with coverage, give us a call today. Our licensed brokers will find you a policy at no extra cost to you.