Losing your job or quitting your job can be a stressful and uncertain time. One thing that may be on your mind is how to continue to afford health insurance for you and your family. Here are some steps to take if you find yourself in this situation:
- COBRA: If you were enrolled in your employer’s health insurance plan, you may be eligible for COBRA coverage. COBRA (Consolidated Omnibus Budget Reconciliation Act) allows you to continue your employer’s health insurance for a limited time, usually 18-36 months, at your own expense. You will have to pay the entire premium, including the portion that your employer used to cover. While COBRA can be expensive, it may be a good option if you need short-term coverage while you look for a new job or transition to a new insurance plan.
- Individual health insurance: If COBRA is not an option or you need longer-term coverage, you may want to consider purchasing an individual health insurance plan through the Marketplace. The Marketplace is a website where you can compare different health insurance plans and see if you qualify for financial assistance. You can usually only enroll in a Marketplace plan during the annual open enrollment period or if you have a qualifying life event, such as losing your job.
- Short-term health insurance: If you need coverage right away and the Marketplace open enrollment period has passed, you may want to consider a short-term health insurance plan. These plans provide temporary coverage for a few months at a time and are usually less expensive than other types of health insurance. However, they do not have to cover pre-existing conditions and may not provide the same level of coverage as a traditional health insurance plan.
- Medicaid: If you have a low income and cannot afford other types of health insurance, you may be eligible for Medicaid. Medicaid is a government program that provides free or low-cost health insurance to eligible individuals and families. You can apply for Medicaid at any time, and coverage can start as soon as the same day you apply. One way to do this is through the Marketplace (the same as applying for health insurance).
Losing your job or quitting your job can be a difficult experience, but it is important to take care of your health insurance needs as soon as possible to ensure that you and your family have access to the medical care you need. If you have any questions about your options, it is a good idea to speak with a healthcare professional or a healthcare navigator who can help you understand your options and choose the best plan for your needs.
Feel free to contact us for your insurance needs at www.davanenterprises.com or call (423) 689-3061 to schedule an appointment to get your questions answered, get a quote, or apply for coverage.
