Erickson Financial Services, Inc. &
Emmett J. King, LLC
Colorado Health Insurance Broker & Group Benefits Adviser
Fixed Indemnity Health Insurance
United Health One
Short Term Medical (STM) Insurance
Short Term Medical Insurance is intended to be used as temporary coverage in-between jobs, during waiting periods for employer coverage, or while waiting for open enrollment. Short Term Medical Coverage is not intended to replace ACA compliant health insurance. Short Term Medical Coverage IS NOT required to comply with the Minimum Essential Coverage requirements of the Affordable Care Act (ACA). Short Term Medical Insurance DOES NOT cover:
- Maternity/Pregnancy
- Health Conditions that exist/existed prior to purchasing the coverage (Pre-Existing Conditions), whether just symptomatic or diagnosed. Even if a disease has not been formally diagnosed, it can still be considered a pre-existing condition if you’ve experienced any symptoms or have sought treatment for symptoms. Any pre-existing condition that you are aware of, even if not formally diagnosed by a doctor should be considered a condition that will not be covered by short Term Coverage. For example, if you are currently taking blood pressure or cholesterol medication, a heart attack or stroke may not be covered by short term insurance. In this scenario, it is recommended that you purchase ACA compatible coverage, as opposed to short term health insurance, Examples of pre-existing conditions could be:
Migraine Headaches
Allergies
Asthma
Cancer
Kidney Stones
Any kind of lesion or lump that you are aware of before purchasing your short term plan, even if it is undiagnosed
Eczema
A condition that you were treated for in a previous short term coverage certificate period
Etc.
- Adult and Child Preventive Care
- Routine Prescriptions
- Be sure to review the limitations and exclusions of each product before purchasing your coverage.
Short Term Medical Coverage is much less expensive than any Individual or Family health insurance product that complies with the Affordable Care Act. This is because the coverage is limited and only intended to protect one from bankruptcy in the event of an unforseen, catastrophic major medical event in-between the time when ACA compatible coverage can be procured either through a broker, directly with a carrier or via the Health Insurance Exchange. If you use short term coverage as a replacement for ACA insurance, just because it is less expensive, you will be disappointed and put yourself at risk for out-of-pocket costs related to pre-existing conditions. We urge you to spend time reviewing our side-by-side comparison of short term major medical plans, for a better understanding of what is and is not covered.
Please do not mistake short term major medical insurance for coverage that will cover your existing health issues and prescriptions. It will not! To obtain coverage for maternity, labor and delivery, or current routine prescriptions, you must purchase an ACA compatible health insurance policy. Feel free to contact Erickson Financial Services with questions.
Fixed Indemnity Health Insurance is a lower cost way to insure against some of the costs of health care via limited benefit. You'll receive a limited amount of coverage for office visits, hospitalization, surgery, etc. based upon a defined schedule of benefits.
