On-Exchange, Off-Exchange, Short-Term, and Defined Benefit These can all be very confusing terms for the same exact thing…health insurance. In today’s world, most health insurance is based on several factors like income, family size, and whether your employer offers coverage. In some instances, you may be required to buy insurance through employer’s plan, and in other situations you may not. You may qualify for a tax-credit to help pay for coverage, or you may be required to pay the full cost of health insurance. These are all reason to use a broker when you start looking for your health insurance solutions. Our brokers never charge a fee, and because they are brokers, not agents, their #1 goal is to find insurance that is good for you, not for them, and not for a specific insurance provider. Talk to a broker today or request a quote and find out what is right for you.
On-Exchange – On-exchange means those plans that are available on the public exchange only. If you qualify for a subsidy, and choose to use it on your health plan, then shopping on-exchange is your best option.
Off-exchange means those plans that are available outside of the public exchange environment, or in the open market. Off-Exchange – The term off exchange plan describes a health insurance policy that you buy directly from an insurance carrier or through a licensed broker like eHealth outside of an official state or federal ACA Marketplace. Some off exchange plans offer the same sorts of coverage that are available with ACA plans.
Short-Term – Short-term health insurance or short-term, limited-duration insurance refers to health insurance plans with a limited duration, typically several months to a year. These plans were initially geared toward people who need temporary medical insurance to bridge the gap between longer term plans.