COMPETE Act

This bill amends the Public Health Service Act to formally define "short-term limited duration insurance" (STLDI) as health insurance plans with contracts expiring within 12 months of their start date. It allows these plans to include renewal options without premium increases based on health status. The definition directly affects health insurance issuers selling STLDI and consumers purchasing these temporary coverage options. This change creates a clear regulatory category for short-term plans but does not alter their availability or requirements beyond the defined terms.