Losing a job often means losing health insurance coverage through your employer. However, being unemployed doesn’t mean you have to go without health insurance. There are several ways to get health insurance coverage, even if you don’t have a job.
The Health Insurance Marketplace, also known as healthcare.gov, offers a way for those who are unemployed to find affordable health insurance plans. These plans base savings on income and household size, potentially leading to lower costs.
You can apply for Marketplace coverage online, through their call center, or with the help of a certified assister. During the application process, you’ll find out if you qualify for Medicaid, the Children’s Health Insurance Program (CHIP), or subsidies that lower the cost of Marketplace plans.
Another option for health insurance after leaving a job is COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA allows continuation of your employer-sponsored health insurance plan, usually for up to 18 months, and sometimes extending to 36 months depending on your situation.
While COBRA ensures you can keep the same plan and doctors, it’s essential to note that you’ll be responsible for paying the entire premium without employer contributions. This means the cost of COBRA coverage can be significantly higher than what you paid while employed.
Medicaid and CHIP offer free or low-cost Health Insurance to eligible individuals and families. Medicaid eligibility is based on income and household size, not employment status. CHIP specifically covers children and, in some cases, pregnant women.
If you qualify for Medicaid, your premiums, copayments, deductibles, and out-of-pocket expenses could be reduced. To find out if you’re eligible for Medicaid or CHIP, you can visit your state’s Medicaid website or apply through the Health Insurance Marketplace.
If none of the above options work, there are a few additional avenues to explore for health insurance coverage:
Choosing the right health insurance when unemployed is crucial for your well-being and financial security. It’s essential to carefully consider factors like coverage needs, budget, and eligibility requirements for each option.
Comparing plans from different providers, like Blue Cross Blue Shield, Kaiser Permanente, Aetna, and Oscar, can help you find the most cost-effective coverage. Remember, being informed about your options empowers you to make the best decision for your healthcare needs during unemployment.
