Colorado short term health insurance plans are not ACA compliant coverage, but short term health insurance is your best option if you missed open enrollment.
Short term health insurance is designed to help if you are stuck without coverage for up to 6 months, the application is short and you can have coverage by midnight. It’s also a great alternative to COBRA if you’re waiting for another health insurance policy to become effective.
What’s different about Colorado short term health insurance?
In Colorado, short term health insurance can be purchased in one to six months durations, and in Colorado you’re allowed to purchase one additional policy after the first one ends – so you can have short term coverage for up to twelve months by combining two policies. Short term health insurance is a good solution if you know you’ll only need coverage for a few months. If you are shopping for health insurance outside of open enrollment (and do not have a special open enrollment triggered by a qualifying event), a short term health insurance plan is you best option.
But short-term health insurance policies are not regulated by the Affordable Care Act, so they still use medical underwriting, do not cover pre-existing conditions, and do not have to cover the range of benefits mandated by the ACA. But many Colorado short term health insurance policies are very similar to the standard health insurance policies that were sold by reputable carriers prior to the ACA’s reforms. While they’re not as robust as the new ACA-compliant individual plans, they still offer relatively high quality major medical insurance, and are a good solution for healthy individuals who have not yet enrolled in an ACA-compliant plan.
When you get quotes for Colorado short term health insurance plans, you’ll see that the premiums are much less expensive than regular health insurance policies. Short term plans are not eligible for the ACA’s premium subsidies, but their base premiums are significantly lower and they can be purchased year-round (regular plans can only be purchased during open enrollment or when an applicant has a qualifying event such as marriage, divorce, birth, or loss of other coverage).
If you’re looking for a Colorado short term health insurance plan, be aware that these policies are not considered minimum essential coverage under the ACA.