In an effort to make health insurance more affordable, the trump Administration has finalized a rule to expand access to health insurance coverage. This is aimed at consumers who were unable to purchase health insurance coverage in the individual market.
The health insurance plans being offered are much more limited to other health insurance plans on the market , with short term options ranging from 12 months to a maximum of 36 months at renewal. In the previous Obama administration, these plans were not renewable and only lasted to less than 3 months for health coverage.
Critics to this rule stated that these short term plans actually harm consumers, especially those who do not fully understand these health plans’ limitations.
With the new rule enacted, these plans could start selling on the market in a couple of months, after being approved by state regulators.
The CMS projected that 600,000 consumers will enroll in these plans by 2019, with 200,000 consumers exchanging their health insurance coverage for short term health insurance plans.
Read the original article from Modern Healthcare here.