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    industry updates9

    Important and up to date news regarding the insurance industry.

    Changes Coming for Short Term Plans

    *** Important Announcement From UHC about Short Term Plans***

     

    Administration Announces Final Short Term Rule

    On August 3, 2018, the Departments of Health and Human Services, Labor and the Treasury published a Final Rule in response to the Administratin's October 2017 Executive Order.  This Final Rule addresses plan term length and includes language for a required notice that must appear on Short Term Limited Duration Insurance (STLDI) application materials and contracts. These changes can be applied to STLDI plans, starting with and effective date of October 2, 2018.

    Summary of the Final Rule:

    • Up to 364-day STLDI plan duration allowed
    • Allows 36-month maximum duration
    • New consumer disclosure notice must be prominently displayed on the application materials and contract
    • New regulations apply to the STLDI plans sold with an October 2, 2018 effective date and after
    What This Means for Golden Rule Short Term Plans
    States have the final authority to apply the federal rule to create their own regulations around STLDI plans.  In the coming weeks, we will monitor states where we currently offer STLDI products, will respond to the federal rule, and where we can apply the Federal rule to our products.
     
    STLDI plans remain a viable option for individuals seeking coverage for a limited time when they are otherwise unable to access traditional coverage. We will work to make the appropriate adjustments to our STLDI plans, where states allow, and keep you infomed of any updates. In the meantime, our current STLDI plans remain available for quoting and application, including our 2x3 STLDI application option in states where the 2x3 option is available.

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