To help you understand what is going on in the healthcare sector, rollbacks of Trump administration regulations for short-term health plans and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You'll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest…
The Biden administration wants to curtail access to short-term health plans. A draft rule would limit the duration of such plans to four months and would prevent consumers from buying another short-term health insurance plan from the same carrier in the same calendar year. However, they could still purchase different short-term plans consecutively for up to 36 months.
This rule would essentially involve restoring several Obama-era regulations that were rolled back by the Trump administration. Under Trump, consumers were able to retain short-term plans for a year and renew them for up to three years.
Short-term plans are often cheaper than Obamacare-compliant ones and serve as a stopgap option for people who are between jobs or self-employed. But they also come with several drawbacks, such as excluding folks with preexisting conditions and denying claims after expensive medical treatment.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Nearly 265,000 people were enrolled in short-term health plans in 2022, according to the National Association of Insurance Commissioners, a 36.5% increase from the year before. Meanwhile, short-term premium revenue jumped 57.3%. Health insurers are known for aggressively marketing these plans to consumers.
This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.
Related Stories
-
Travel Trends You Can Expect This SummerThe Kiplinger Letter Domestic trips will trump foreign travel amid economic uncertainties, though some costs are down.
-
AI Goes To SchoolThe Kiplinger Letter Artificial intelligence is rapidly heading to K-12 classrooms nationwide. Expect tech companies to cash in on the fast-emerging trend.
-
‘My Etsy Shop is Dead’: Vendors Cry for Help Amid Trump’s TariffsTariffs Small businesses are struggling to thrive as they absorb the Trump administration’s new wave of tariffs.
-
May Fed Meeting: Updates and CommentaryThe May Fed meeting came and went with little fanfare as Fed Chair Powell & Co. stuck to their data-dependent script toward interest rates amid tariff uncertainty. The May Fed meeting came and went with little fanfare as Fed Chair Powell & Co. stuck to their data-dependent script toward interest rates amid tariff uncertainty.
-
Trump’s Tax Cut Risks Your SNAP, Medicaid BenefitsTax Cuts The GOP budget blueprint could slash lifesaving programs for millions of U.S. households.
-
How Much Will Car Prices Go Up With Tariffs?Tariffs could drive car prices up even higher, for new and used cars, as well as for American brands.
-
What To Know if You’re in the Market for a New Car This YearThe Kiplinger Letter Buying a new car will get a little easier, but don’t expect many deals.
-
U.S. Consumers May Feel Pinch From Panama Canal Tariff HikeTax Policy The Panama Canal tariffs on crossing ships will add to looming price hikes for U.S. consumers as Trump threatens to take control of the historic waterway.
