The deadline for open enrollment has passed, and you still need some type of coverage. You know accidents and unexpected illness can and often will happen between now and the next open enrollment period on November 15, 2014. What are your options?
One option is Short Term Medical Insurance. It doesn’t meet the 10 Essential Benefits required under the Healthcare Reform Act, temporary health insurance will get you coverage and keep you from having to pay out of pocket for an unexpected illness or injury. Whatever the reason for needing to purchase health insurance outside the open enrollment period, this option gives you the coverage you need when you need it most. You get to keep your own doctor and it begins the day after you apply. Unlike major medical insurance, short term medical does not cover preventative medicine, pre-existing conditions, mental illness or substance abuse.
Short term, temporary medical insurance does give you coverage if you are between jobs, work seasonal employment or have a part time job with no benefits. It is a cost effective insurance option that gives you peace of mind so you are covered when the unexpected happens. Just recently one of my friends, who never gets sick, found herself very ill; so ill in fact her doctor wanted to hospitalize her. Unfortunately she had just changed jobs and was still in the probationary period with no insurance. She opted not to purchase insurance and had to pay for her doctor visit and forego some necessary treatment. Getting IV antibiotics at home, she recovered OK, but it could have been different had she opted for short term medical insurance.
Your other option is to take another look at major medical insurance. Although the open enrollment period has closed, there is a list of life events that can give you a window of 60 days in which you may be eligible to purchase major medical insurance. Like my friend who changed jobs; events like loss of employer sponsored healthcare, marriage, divorce or separation, the addition of a child, relocation, and change in dependent status, are all reasons you may be able to take a look at a major medical insurance policy. There are life circumstances that allow flexibility in the healthcare system.
You still have options for medical insurance even though the open enrollment period is closed. Call an AC Financial Adviser at 800-564-3136 to learn more.