December 9, 2016
Just a hunch, but I bet a 20 Year Term Life has a better chance of paying out than a 1 year, $2,500 deductible STM policy.
It's simultaneously AMAZING and DISGUSTING how frequently companies are increasing the premium on Short Term Medical plans.
I just ran a quote for one of the few really GOOD ones. If I requested a 12/31/2016 effective date, the premium is $479 a month. Change the requested effective date to 1/1/2017 and the premium zips up to $526!
But, since $526 for a $2,500 deductible, for a healthy 64 year old, she would take it. But, since I'm a compassionate agent who puts his clients first, she'll get a 12/31/2016 effective date.
One other thing. Based on what I'm reading the U.S. Senate will get rid of the Individual Mandate, effective 3.28.2017...or whatever date will keep Americans for having to pay that stupid penalty for not having REAL or ANY health insurance in 2017.
What does this mean for STM's? More than likely, there will be no IRS tax penalty for having an STM for 2017. Most STM people have never paid it anyway.
Allen, how do you propose to cover her for the entire year when you start effective 12/31? I was planning writing an ACA plan on 1/1 and riding the grace period until 1/5 when UHC's STM kicks in. I'll accept crappy coverage but want coverage for the whole year. It looks like there is no grace period for the 1st month's premium.