COMPETE Act

The COMPETE Act aims to ensure competition in health insurance markets by defining and regulating short-term limited duration insurance plans. It specifies that such plans must have an expiration date no more than 12 months after the original effective date and may include a renewal guarantee allowing policyholders to purchase future coverage without additional underwriting based on health status. The bill affects health insurance issuers and consumers seeking short-term coverage, standardizing the definition and renewal terms of these plans under the Public Health Service Act. It was introduced in the Senate and referred to the Committee on Health, Education, Labor, and Pensions.

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.