​The start of the school year is upon us, and for many college students, especially those living away from home for the first time or participating in sports, securing adequate health insurance can be a significant concern. But short-term medical insurance can be a flexible solution for addressing temporary health needs during the academic calendar. Here's why:

​Beginning Sept. 1, 2024, new short-term health plans will be limited to three months and a one-month extension providing a duration maximum of four months per insurance carrier over a 12-month period (additional state rules may apply). 
 
Short-term health insurance plans (STM) are designed to provide individuals with economical, temporary coverage for illnesses and accidents. Benefits can include wellness visits, doctor office copays, and coverage for hospital emergencies, surgery and more. A range of deductible options usually are available to keep monthly premiums lower.

Under federal law, employers that offer a group health plan to employees have up to 90 days to implement a new team member on a company health insurance plan. Some offer coverage right away, and some stretch out their risk up to the allowable 90 days for financial or administrative reasons. But even if a new employee doesn’t have health insurance through the company, you want them to remain healthy and financially viable while orienting to their new job. And we know COBRA is not feasible for a majority of the working population. Is there an economical option to keep employees from going uninsured?

More and more individuals have increasingly turned to self-employment, freelance jobs and contract employment opportunities in the wake of the COVID-19 pandemic. This has contributed to a gig economy that experts say is now growing at a faster pace than the traditional employment market.

According to a study by Georgi Todorov – “19 Shocking College Graduation Statistics and Facts [2023]” – nearly 3 million students this year will graduate from an accredited college or university, but only 65% of them will have full-time employment within a few months of graduation. A recent banking crisis and other economic turns have analysts warning of a coming recession, which could make work increasingly hard to find for young adults. This could lead to a considerable insurance coverage gap in the marketplace.

With the school year beginning, that means kids across the country are back to playing sports in middle school, high school and college. In addition to playing for their schools, some student athletes participate in club athletics over the course of the year.
 
As the parent of a student-athlete, you obviously know what’s best for them when it comes to their athletic careers and that includes being prepared for things like injuries in case the schools and athletic organizations don’t have medical coverage.

Dreaming of retiring early? You’re not alone. The COVID-19 pandemic has forced many Americans to reevaluate their work-life balance.

Market research company Hearts and Wallets reports that about one in four Americans plan to retire before age 65 – a much higher percentage than in years past.
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If you’re one of the “one in four” and you think you’ve saved enough to retire early and cover your living expenses, there’s one more expense you should consider – health insurance. 

The Affordable Care Act (ACA), also known as Obamacare, is a health care reform law that was enacted in March 2010. Some of the key goals of the ACA were to:
 

• Extend health coverage to millions of uninsured Americans.
• Expand Medicaid eligibility
• Create a Health Insurance Marketplace for individual health insurance, prevent insurance companies from denying coverage due to pre-existing conditions, and requiring plans to cover a list of essential health benefits.
• Allow lower-income families to qualify for subsidies for coverage purchased through the Marketplace.

 
However, even though there are some “pros” to the Affordable Care Act, there are just as many “cons” for an ACA plan, many of which led to significantly higher health insurance premiums for individual and small employer health insurance.

Short-term medical (STM) plans are extremely beneficial when used as they were intended – for short periods of time. And now, with the coronavirus, these plans are more important than ever.