Assurant Health represents the health insurance brand of parent company Assurant. Ranked at number 304 on the Forbes 500 list in 2014, Assurant Health offers healthcare coverage to individuals, families and small business employers nationwide and in certain global markets. The company’s products are underwritten in part by the Time Insurance Company, an insurance provider since 1892. Assurant also partners with other insurance providers, including State Farm, to offer members a more diverse means of buying healthcare coverage. If you’re interested in short-term health insurance or STHPs, Assurant offers flexible, low-cost coverage to individuals and families.
Short-term policies are designed to meet temporary needs. They don’t cover everything, but they do give members peace of mind that they can seek medical care while they’re waiting to enroll in major medical insurance. Assurant Health offers policies that cover prescription drugs, X-rays and labs, doctor’s visits for unexpected situations, hospitalization, emergency room services and ambulance transportation. Many of the services covered by major medical plans under the Affordable Care Act are not covered by STHPs. These include preventive care, maternity care, pre-existing conditions, mental health care, and non-injury dental and vision services. Assurant Health offers four short-term health insurance plans:
- $5,000 / 50% Plan: With this plan, members have a $5,000 deductible that they have to meet before Assurant pays benefits. Once you reach the deductible, you’ll pay half of the costs in coinsurance up to the out-of-pocket maximum amount, which is also $5,000 and does not include the deductible.
- $3,500 / 50% Plan: This plan includes a $3,500 deductible and $5,000 out-of-pocket maximum. Members pay 50 percent of their expenses up to the maximum.
- $2,500 / 50% Plan: Members pay for half the cost of their medical services up until the $5,000 out-of-pocket maximum with this plan. The maximum does not include the plan’s $2,500 deductible.
- $2,500 / 20% Plan: This plan features a lower deductible, lower out-of-pocket maximum and a greater percentage of benefit payouts than the other three plans do. Members under this plan must meet a $2,000 deductible before the company pays for 80 percent benefits. The out-of-pocket maximum is $2,000 excluding the deductible. According to the company’s website, this plan was the most popular selection among members in 2014.
With the above plans, members can save an extra 20 percent by paying for the entire cost of coverage up front. This option only works if you know for sure how long you need temporary coverage. Plans can be purchased for 30 to 180 days. If you pay the total cost of your premiums at the start, then Assurant gives you a 20 percent discount off the total price. All enrollees with Assurant also get the chance to cancel their policies within 10 days for a full refund.
Assurant allows members to visit any medical provider without incurring extra fees, but the company also offers a discount worth between 20 and 35 percent to those who choose in-network providers. Note that Rhode Island residents won’t be able to take advantage of this network discount. In addition, the deductible amounts listed above are for families. That means you only have one deductible for your entire family.
Short-term coverage offers a great option for people who are between jobs, looking for proof of coverage for volunteer work or waiting for major medical insurance to kick in. However, you should note that STHPs do not cover the same services that major medical insurance does. More important, temporary coverage does not protect you against the penalty fee under the Affordable Care Act because these plans don’t count as minimum essential coverage under the law. If you sign up for one of these policies instead of enrolling in major medical insurance, you will be charged the shared responsibility fee when you file your taxes.
coverage does not protect you against the penalty fee under the Affordable Care Act because these plans don’t count as minimum essential coverage under the law. If you sign up for one of these policies instead of enrolling in major medical insurance, you will be charged the shared responsibility fee when you file your taxes.