New Short-Term Health Insurance Products in Louisiana


New Short-Term Health Insurance Products in Louisiana

Do you know about short-term health insurance? Annual enrollment for the individual health care marketplace is nearly upon us. The enrollment period starts Nov. 1 and brings with it significant changes to the health care law and offerings in the marketplace. Fortunately, this year, federal data released by the Centers for Medicare and Medicaid Services suggests that premiums for people in Louisiana will be lower. Additionally, several new short-term insurance plans are hitting the Louisiana market. According to the Louisiana Department of Insurance, ten insurers are making short-term offerings so far. In previous years the numbers looked like this: five offered short-term plans in 2018, two in 2017, one in 2016 and five in 2015.

Critics of short-term plans say Louisianians could wind up with insurance that doesn’t cover everything they think it does. On the other hand, those in favor of short-term plans say the plans provide a lower-cost option for people who don’t have health insurance through work and have too much of a yearly income to get federally subsidized coverage.

At this time, the Louisiana Department of Insurance cannot have estimates for the number of people who will ultimately enroll in short-term plans. However, the products have traditionally covered a small amount of people. The Congressional Budget Office estimates more than 6 million people will use those products by 2023.

Even the largest health insurer in Louisana, Blue Cross and Blue Shield of Louisiana, said it would begin offering short-term plans as a solution for people who would rather have short-term health insurance.

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