Short-Term Health Insurance in Wyoming

What You Need to Know

In Wyoming, short-term plans can have terms of up to 364 days with renewals for 36 months.

There are monthly premiums for short-term plans to fit a wide range of budgets.

Most short-term plans don’t cover preexisting conditions, including pregnancy.

There are times when Wyoming residents might need a short-term health insurance solution to fill a gap in coverage. Health insurance can protect you from the medical costs associated with an unexpected illness or injury. But if you can’t afford a traditional plan or need to wait to enroll in one, a short-term plan may be a good option to keep you covered.

What Is Wyoming Short-Term Health Insurance?

Short-term health insurance plans in the Cowboy State provide temporary coverage you can purchase at any time during the year. These medical insurance plans are designed to bridge periods when you may not have healthcare coverage. Coverage may begin as soon as you enroll.

Plan terms last no more than 364 days a year but maybe renewed three times or up to 36 months. Premiums tend to be more affordable than the cost of a marketplace plan without a subsidy. But short-term plans aren’t required to provide the comprehensive coverage that ACA plans do. For example, they don’t have to cover preexisting conditions or preventive care while not all may offer prescription drug coverage.

Who Should Buy Short-Term Plans in Wyoming?

Short-term plans are designed to provide easily temporary and affordable health insurance coverage. They a may be a good option if you:

• Don’t qualify for an ACA subsidy and need an affordable alternative. 
• Missed the ACA Open Enrollment Period and don’t qualify for a Special Enrollment Period. You can enroll at any time.
• Are in relatively good health and don’t access healthcare services often. The high deductibles that accompany many short-term plans might be an acceptable risk.      
• Are aging out of coverage on your parent’s plan. ·       
• Need to fill a gap between employer-sponsored coverage and your next job. Short-term plans can be an affordable alternative to COBRA.        
• Are waiting to be eligible for Medicare coverage.

Short-term plans may not be the right fit if you have a preexisting condition or need any of the 10 essential health benefits that ACA plans offer. These benefits include mental health services, prescription drug coverage, and preventive screenings, among other services. Although some short-term plans cover some of these services, also consider an ACA plan as well.

PROS AND CONS OF SHORT-TERM HEALTH INSURANCE PLANS

PROS	CONS
Plans provide options for people who need to bridge coverage between traditional insurance plans.	Plans tend to have higher deductibles and other costs than many traditional insurance plans.
Most plans offer options for add-ons such as dental or prescription drug coverage.	Most plans don’t cover preexisting conditions or offer all 10 essential health benefits that ACA plans are required to offer.
Monthly premiums for most plans are less than ACA plans without subsidies.	There are no premium subsidies based on household income.
Plans can be renewed up to three times or 36 months.	When the term ends on a temporary plan and can’t be renewed again, that does not make you eligible for an ACA Special Enrollment Period.

How Much Are Wyoming Short-Term Plans?

Some plan providers may charge a small one-time enrollment fee. To compare the costs of coverage short-term health plans in Wyoming, look at these categories.

Premium: The amount you pay monthly for your plan. 

Deductible: The amount you pay each year before your plan begins to pay for covered expenses.

Coinsurance: The percentage of each medical bill you pay after you meet your deductible.

Copayment: The fixed amount you pay for a covered health service, such as a visit to your primary care physician.

Out-of-pocket maximum: Covered medical expenses not reimbursed by your policy, including deductibles, coinsurance, and copayments.

For example, according to Pivot Health, a 35-year-old woman living in Cheyenne or Laramie has access to basically the same plans. Monthly premiums for plans range from $92.49 to $448.77.

• A plan with a $92.49 monthly premium features a $10,000 deductible, 30% coinsurance, a $10,000 out-of-pocket maximum. 
• A plan with a premium of $170.90 per month features a $5,000 deductible, 20% coinsurance and a $10,000 out-of-pocket maximum. 

What Are Rules Governing Short-Term Plans in Wyoming?

Wyoming adopted the federal rules governing short-term health insurance. Plans cover no more than 364 days a year but maybe renewed three times or up to 36 months. They are not required to provide all the essential benefits mandated under the ACA.¹

Who Sells Short-Term Plans in Wyoming?

There are currently six private insurance companies that sell short-term plans in Wyoming:

1. Companion Life Insurance Company (Pivot Health)
2. Golden Rule Insurance Company (UnitedHealthcare)
3. Standard Life and Accident Insurance Company
4. National General Accident and Health
5. Everest
6. Independence American Insurance Company (The IHC Group)

Next Steps

If you have decided that a short-term health insurance plan might be the best option for

temporary coverage, it’s time to start shopping. Find a plan that fits with your health needs and your budget and get covered.