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The Administration has issued a proposed rule expanding the availability of short-term, limited-duration health insurance. The proposed rule changes the maximum duration of these policies to less than twelve months, which is higher than the current maximum duration of less than three months.
Short-term, limited-duration health insurance is often purchased to provide temporary insurance coverage when an individual is transitioning between health insurance plans. These short-term policies are exempt from certain Affordable Care Act (ACA) requirements that other individual insurance market plans are subject to, which means they may be less comprehensive and less costly. The proposed rule also includes notice requirements for the new insurance contracts to include to provide awareness about the coverage being purchased and how it may vary from ACA compliant plans.
NAR will likely be submitting comments on the proposed rule, as it has the potential to offer more health insurance options for REALTORS®. Comments on the proposed rule will be due April 23, 2018.
Read more on the proposed rule.
For more information on NAR’s advocacy efforts, please visit NAR's Health Care Reform topic page.