Short Term Health Insurance In Wyoming

If you’ve lost healthcare coverage because you’ve changed jobs or have recently graduated and are past the age you can remain on your parents’ health insurance plan, you may find that a short-term healthcare coverage in Wyoming can bridge the gap. These policies allow you to manage catastrophic illnesses or injuries during a period when you can’t get traditional coverage. You can also enroll in short-term policies at any time without waiting for open enrollment. In most cases, coverage can begin the day after you submit your application.

Under current law, short-term policies can only be issued for 90 days. Some insurance companies have worked around this regulation by issuing four 90-day policies with one expiring and the next taking effect the next day, providing you with nearly a full year of coverage without having to apply again. Note that if you are treated for a condition under one of the 90-day policies, that condition will not be covered under subsequent policies as it will be considered a pre-existing condition.

Proposed rules under the Trump administration would extend the duration limit of short-term policies to 364 days. These changes are expected to become final sometime this year. The rule would allow states to limit or restrict short-term policies, and some states have passed legislation that limits the time a policy may be in effect or when a second policy can be issued, or have banned the policies altogether. Wyoming has not passed any new specific limits on short-term health insurance plans.

Premiums for short-term healthcare policies are often far less expensive than those offered through the Affordable Care Act (ACA) marketplace. This makes them appealing to young, healthy people who have no need for expensive medical treatments. There are concerns, however, that these types of policies could destabilize the healthcare market place if too many healthy people leave the marketplace for this type of coverage. A mass exodus from the traditional insurance pool could leave a large number of people who need more medical care without any affordable options for comprehensive coverage.

It’s also important to note that short-term policies do not meet the requirements established by the ACA in many areas. They do not have to cover the 10 essential health benefits that major medical policies do, and many do not cover maternity, mental health or substance abuse treatment. A Kaiser Family Foundation survey of short-term health plans from major cities nationwide found 17 temporary health plans in Cheyenne. Of those, 71 percent covered mental health services but just 41 percent covered substance abuse treatment and 24 percent covered prescription drugs. None covered maternity care.

Carriers Offering Short-Term Policies in Wyoming

Standard Life

Everest Prime

LifeShield

National General

Companion Life Insurance Company

Golden Rule (UnitedHealthcare)

Independence American Insurance Company (IHC Group)

Sources:
https://www.kff.org/health-reform/issue-brief/understanding-short-term-limited-duration-health-insurance/http://doi.wyo.gov/consumers/types-of-insurance/health-insurance

https://www.commonwealthfund.org/blog/2018/proposed-federal-changes-short-term-health-coverage-leave-regulation-states