Changes to Short-Term Medical Plans Set to Impact Older Americans An Important AMAC Member Benefit Update S hort-term, Limited-duration Insurance (STLDI) offers essential medical coverage at significantly lower costs compared to most Marketplace plans. These plans maintain affordable premiums because they do not adhere to the coverage standards established by the Affordable Care Act (ACA). And while STLDI plans are not required to include certain services like maternity care or mental health support, they do provide coverage for various hospital and medical services. STLDI plans have been a welcome option for individuals in specific financial or life situ- ations. They are particularly beneficial for those who do not qualify for Medicaid due to higher income levels but find the cost of comprehensive Marketplace plans prohib- itive. Additionally, STLDI plans are valuable for individuals between jobs or without a permanent residence. But it will be seniors who are most impacted by the upcoming changes to STLDI plans. Often referred to as a “bridge to Medicare,” STLDI plans provide substantial coverage at an affordable rate until Medicare eligibility begins. Currently, in most states, STLDI plans are available with terms up to 12 months, with the option to renew for an addi- tional 24 months, making the maximum coverage duration 36 months. However, there will be a significant change starting September 1, 2024, when the initial term for these plans will be reduced to three months, with a maximum coverage period extend- ing only to four months. The impending reduction in coverage terms is meant to steer individuals toward longer- term, more comprehensive health insurance options more quickly. But it’s important to note that any STLDI plans that are already in effect, as well as those that are writ- ten or scheduled to commence before September 1, 2024, will still operate under the current regulations. So, if you are considering Short-term, Limited-duration Insurance, this will be your last chance to do so. For those aged 62 and older looking for a “bridge to Medicare,” TriTerm plans are available in certain states, and you must enroll by August 31, 2024. AMAC’s Under 65 Health team is ready to help but act quickly! The window of opportu- nity to enroll in a longer-term plan under the existing rules is closing. Call 877-203-3253 to speak with a licensed agent about your options. Alexander Lewis Manager, AMAC Under 65 Health Division
IMPORTANT!
Members aged 62+ residing in the following states have until August 31, 2024 , to purchase a TriTerm plan. NOTE: This will be your last opportunity to “bridge to Medicare.”
• Alabama • Arkansas • Arizona • Florida • Georgia • Iowa • Indiana
• Kentucky • Louisiana • Missouri • Mississippi • North Carolina • Nebraska • Oklahoma • South Carolina • Tennessee • Texas • West Virginia
FIND OUT MORE ABOUT AMAC’S UNDER 65 HEALTH INSURANCE JUST SCAN HERE!
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Volume 18 Issue 3 • 41
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