When it comes to health insurance not all plans are created equal. Unless a plan is ACA compliant, it may not cover minimum essential health benefits also known as EHBs. Below are some examples of such plans and what those plans are for.

Let’s start with Short Term Limited Duration Plans (STLD):

On March 28, 2024, the Departments of Health and Human Services (HHS), Labor, and the Treasury (collectively, the Departments) released final rules regarding short-term, limited-duration insurance (STLDI).

This limits STLDI to no more than three months and the maximum coverage period to no more than four months, taking into account any renewals or extensions.

While these plans are legal, there has been a big push from marketers trying to lure people into purchasing these plans by disguising them as ACA compliant, but buyer beware, these plans may be cheaper but they cover the bare minimum like emergency services and should not be substituted for long term health coverage plans.

So how do you know if you are buying a short-term plan?

 READ THE FINE PRINT!  

o   These plans are mandated by law to provide disclosures to include all of the previous topics mentioned above

Below is a list of all the companies who are licensed to sell short-term plans:

American Financial Security Life Insurance Company

Aspen American Insurance Company

Companion Life Insurance Company

Everest Reinsurance Company

Freedom Life Insurance Company of America

Golden Rule Insurance Company

Independence American Insurance Company

LifeShield National Insurance Co.

National Foundation Life Insurance Company

Southern Guaranty Insurance Company

Standard Life and Accident Insurance Company

United States Fire Insurance Company

Let’s move on to Association Health Plans (AHPs):

Small employers with similar line of business can join together to purchase large employer health insurance through Association Health Plans (AHPs). 

To help consumers review these plans, the Division has posted information on AHPs submitted to the Division at http://doi.nv.gov/Health_Insurance_Rates/Small_Employer_Options/ for interested consumers to review. Consumers are encouraged to review these filings because unless an AHP is on that website under “Small Employer Options” it may not be an authorized product reviewed by the Division. If you have any questions, you may contact the Division by calling (702) 486-4009 in Las Vegas or (775) 687-0700 in Carson City.

Finally, there are Health Care Sharing Ministries (HCSM):

 These are organizations whose members share a common set of ethical or religious beliefs and have shared medical expenses in accordance with those beliefs. Consumers should be careful with these plans because for starters they are NOT INSURANCE! There is no guarantee that claims will be paid and HCSMs are exempt from the ACA and state requirements. Please be aware that the Division of Insurance does not have regulatory oversight over these organizations, which means there are no solvency standards and if you have a complaint the Division may not be able to assist you if it is a complaint related to Health Care Sharing Ministries.