COMPETE Act

This bill, titled the COMPETE Act , aims to enhance competition and affordability within health insurance markets by establishing a clear definition for short-term limited duration insurance . It amends the Public Health Service Act to outline specific characteristics for these plans. Under the bill's provisions, a short-term limited duration insurance plan must have an initial contract expiration date of no more than 12 months from its original effective date. Furthermore, it allows these plans to incorporate a renewal guarantee , enabling policyholders to purchase subsequent policies without facing additional underwriting. This framework seeks to provide consumers with defined, renewable short-term coverage options.