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Pros and Cons of Short-Term Health Insurance Plans

Short-term plans are also, on average, cheaper than full coverage that complies with the ACA's insurance policy regulations. According to a study by the Kaiser Family Foundation, of short-term policies offered on two large online private insurance marketplaces, the cheapest short-term policies were commonly priced at 20 percent or less of the premium for the lowest-cost ACA-compliant plan in the same area.

Price is the primary enticement of these plans, but as the old adage reminds us, you get what you pay for. And in the case of short-term health insurance, you don't actually get very much. Indeed, the drawbacks of these plans outweigh the benefits far more often than the other way around.

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