Short Term Health Insurance In Oklahoma
In Oklahoma, you have the option to purchase short term health insurance policies from several major carriers. These plans are designed to help protect you during times of transition but aren’t meant to be an alternative to the major medical insurance required under the Affordable Care Act (ACA). If your only health insurance is a short term plan in Oklahoma, you may be required to pay a tax penalty at the end of the year. This tax penalty will be zeroed out starting in 2019.
Short-term benefit plans are not required to provide the same level of coverage as ACA-compliant plans. These plans may have caps on how much they will pay out in benefits per year or per your lifetime. This means that a catastrophic illness could trigger your lifetime limit early, forcing you to cover more of your medical costs on your own. Pre-existing conditions are not usually covered by short term plans. In some cases, insurance companies may go back as far as five years when determining what constitutes a pre-existing condition.
Short-term plans aren’t required to include the same 10 essential health benefits required of ACA-compliant plans. Although most plans cover a few of the essential benefits, like emergency room visits or hospitalization, many don’t cover basics like preventive screenings, maternity care or prescription drugs.
States can establish stricter rules regarding short term policies, and several states are in the process or have passed legislation that restricts short term health policies. Currently, Oklahoma has not passed any legislation regarding short term health coverage, which means federal rules apply. Buying a short term policy in Oklahoma makes you ineligible for a guaranteed-issue health plan, commonly known as HIPAA Plans.
It’s possible in Oklahoma to purchase four 90-day policies with one policy taking effect the day after another expires. This provides you with almost a full year of coverage and allows you to have continuous coverage without the need to complete a new application every 90 days. Using this process, you don’t risk being denied coverage if you develop an illness or injury during a short term policy. Should this happen, though, your medical condition would not be covered under the new policy as it would be a pre-existing condition.
Carriers Offering Short Term Coverage in Oklahoma
Companion Life Insurance Company
Golden Rule Insurance Company (UnitedHealthcare)
Independence American Insurance Company
LifeShield National Insurance Company
National General Accident & Health
Independence Holding Company (IHC Group)