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STM Sales 101: Grow Your Portfolio Options Today

What is short-term medical coverage?

Short-term medical coverage is a type of health insurance designed to help bridge gaps in your clients’ health coverage for a specific period of time, typically anywhere from 30-364 days.

These temporary plans can offer:

  • Flexibility in length of coverage and in cost
  • Variety of deductible and coinsurance options
  • Low copay options
  • Ability to cancel at any time without penalty

They can also:

  • Pay benefits like traditional major medical plans
  • Can provide wellness options

Note: STM coverage does not provide the minimum essential health benefits required by the Affordable Care Act (ACA) and will not help to avoid the fee for not carrying health insurance.

Who might want to consider short-term medical coverage?

Short-term medical coverage could be an option for your clients who are facing life-altering transition periods such as:

  • Pre-Medicare retirement
  • Change in employment status
  • Missed Open Enrollment
  • Rolling off parental insurance
  • Bridging a gap in your major medical coverage

What does STM coverage provide?

 Your clients can look forward to:

  1. Prompt approval: Enroll them when they need to secure coverage and proof of insurance quickly
  2. Affordability: Offer them cost-effective rates
  3. Security: Help to provide them with a sense of security as they bridge their health coverage gap in times of transition
  4. Flexibility: Provide them options of coverage cost and length that can help address their health realities

What are some downsides of STM coverage?

  • Does not cover preexisting conditions
  • Does not count as minimum essential coverage required by the Affordable Care Act
  • Having this coverage could prevent your client from qualifying for COBRA or HIPPA

Work with carrier partners that provide relatively inexpensive options such as:

  • Exclusive coverage with reapply options up to 36 months
  • A+ A.M. Best carrier ratings
  • Next day coverage
  • No waiting periods
  • Deductibles as low as $250
  • Relatively inexpensive individual and family coverage
  • Guaranteed acceptance coverage
  • Unlimited low-cost doctor and specialist copays
  • Open network of physicians, specialists, and hospital

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STM Sales 101: Grow Your Portfolio Options Today