On August 3, 2018, the Inter­nal Rev­enue Ser­vice, the Depart­ment of Health and Human Ser­vices (HHS), and the Depart­ment of Labor (col­lec­tive­ly, the Depart­ments) pub­lished a final rule that amends the def­i­n­i­tion of short-term, lim­it­ed-dura­tion insur­ance. HHS also released a fact sheet on the final rule.

Accord­ing to the Depart­ments, the final rule will pro­vide con­sumers with more afford­able options for health cov­er­age because they may buy short-term, lim­it­ed-dura­tion insur­ance poli­cies that are less than 12 months in length and may be renewed for up to 36 months.

The final rule will apply to insur­ance poli­cies sold on or after Octo­ber 2, 2018.

Orig­i­nal­ly pub­lished by www.UBABenefits.com

By Karen Hsu