IHC Health Solutions operates a network of insurance carriers that offer the following products: individual and group dental, prescription cards, overseas travel medical plans and short-term insurance. The company provides plans nationwide and promotes itself as a business that “specializes in developing, marketing and administering affordable niche health insurance products” according to its website. Short-term health plans or STHPs help people who need temporary coverage. Recent college graduates, for example, might sign up for a short-term policy while they search for a job that offers major medical coverage. If you need temporary coverage for this or any other reason, then IHC Health Solutions may offer the product you seek.
IHC Health Solution’s STHPs
Depending on where you live, you can enroll in an STHP from IHC Health Solutions that lasts from 30 days to 364 days. Many insurers only offer short-term plans up to six months. The company’s products are underwritten by Standard Security Life Insurance Company of New York, which is a member of the overarching IHC Group. You can choose from two plans with different levels of coverage as described below:
- Secure STM: The Secure STM plan includes a $2 million payout maximum per covered person over the course of the policy. That means that the company will pay up to that amount for your benefits. You can choose any provider with this plan, and you have the option to re-apply for coverage as many times as you want after each contract ends. Members can pay monthly or all at once, and there’s a discount for paying the total up front.
- Secure Lite STM: With the Secure Lite STM, members choose a deductible ranging from $500 to $5,000 and are limited to four doctor’s visits per coverage period at $25 per visit. You can still choose any doctor or hospital with this plan. Both the Secure Lite STM and Secure STM plans offer coverage up until age 65.
It’s important to note that IHC Health Solution calls its plans short-term “major medical insurance,” but this phrase is slightly misleading. Major medical insurance typically refers to insurance plans that cover a full range of medical benefits. Under the Affordable Care Act, major medical plans must offer 10 essential benefits and provide for certain consumer protections. Insurers also can’t deny coverage to those with pre-existing conditions with major medical insurance.
Short-term health plans do not qualify as major medical or qualifying health plans under the ACA. If you enroll in an STHP instead of a major medical plan, then you need to understand that you will owe the government a shared responsibility fee when you file your taxes each year. Temporary coverage can be a great solution while you’re in transition or waiting for the next open enrollment period to begin for major medical coverage, but it’s not a good choice for primary, long-term coverage.