In an effort to make health insurance more affordable, families and individuals are actively looking for any alternative to the traditional offerings available over the health insurance marketplace. There are two alternatives that have received increased attention: short-term health insurance and health care ministries. While these two options may be appealing from an up-front price perspective, there are some major drawbacks.
Short-term health insurance policies are seen as a panacea under the guise that they offer cheaper alternatives to typical health insurance policies. Short-term health insurance is defined as limited coverage for less than the traditional 12 months of coverage. Recent legislation has expanded the availability of short-term health insurance, paving the way, on a federal level, to increase the availability of these options. Short-term health insurance options are typically much cheaper than traditional health insurance options. While this may be appealing from an upfront price perspective, there are a few caveats here that consumers should understand:
All in, we typically only recommend short-term health insurance policies if you're looking for true gap insurance coverage, such as under the following scenarios:
Monthly Premium for Liberty HealthShare Ministry
Monthly Premium for the ACA marketplace
Still, all of these other options involve critical trade-offs that should be considered before selecting the ultimate plan.
The Health Insurance Marketplace is getting more and more complicated as