HELENA, Mont. – Short-Term, Limited-Duration health insurance plans under new federal regulations can be effective in Montana starting next Tuesday, October 2, 2018.
The new plans potentially being offered can cover consumers for a period of less than one year (up to 364 days) and can be renewed for no longer than 36 months. The terms of a policy will establish the length of the policy and renewability.
The Office of the Montana State Auditor, Commissioner of Securities and Insurance (CSI) has prepared a guide for consumers interested in considering purchasing or learning more about short-term plans. It is available HERE at CSI’s Montana Health Answers website.
Short-term plans do not have the same coverage requirements as Affordable Care Act (Obamacare) health insurance plans and are often cheaper for consumers. CSI advises all Montanans to carefully consider their health insurance options and choose a plan that best meets their individual or family needs. Short-term plans may or may not meet your needs depending on the details of the policy and your personal financial and health situation.
CSI also advises Montanans to carefully read any insurance policy they are considering, and make sure they understand the details of the contract. Consumers with questions should contact their insurance agent or broker offering coverage and should always confirm that the company or broker is authorized to sell the policy in Montana. CSI’s Policyholder Services department is available to answer questions at (406) 444-2040.
CSI’s guide to Short-Term, Limited-Duration plans provides answers to many frequently asked questions about short-term health insurance.
Any company offering short-term plans in Montana must have a certificate of authority to sell policies in Montana. Insurers and producers must be authorized or licensed in Montana through the Commissioner’s office.
Three companies are currently authorized to sell short-term plans in Montana and three additional companies have expressed interest to CSI in selling policies.