Outside of open enrollment, a special enrollment period allows you to enroll in an ACA-compliant plan (on or off-exchange) if you experience a qualifying life event.
A finalized federal rule will impose new nationwide duration limits on short-term limited duration insurance (STLDI) plans. The rule – which applies to plans sold or issued on or after September 1, 2024 – will limit STLDI plans to three-month terms, and to total duration – including renewals – of no more than four months.
A long-term care insurance pays for long-term care, either in a nursing home or at the patient’s home. Long-term care refers to custodial care as opposed to medical care (in other words, the patient may not be sick, but needs help with activities of daily living). Long-term care policies (and their prices) vary significantly.
It’s important to note that Medicare does not cover most long-term care services. Medicaid does, for people who qualify based on income. But for people with higher incomes or assets, a private long-term care policy is needed in addition to Medicare.