Health Insurance Options if You Lose A Job

Losing a job is life-changing. Upon hearing the news, you likely had a million things swirling around in your head. From sadness and confusion to anger, you’re feeling many emotions. When you lose a job, you not only lose the paycheck, you lose the benefits, including your health insurance that your employer provided.

As an individual or an individual with a family to provide for, health insurance is important to have – it can be scary not being covered. Accidents and illnesses can strike at any time, and you don’t want to go to the emergency room or doctor’s office with no insurance. Your bills will pile up. Fortunately, you have options for healthcare after you lose a job.

When you lose your job, we understand you have a lot on your mind and a lot to do, but it’s extremely important for you and your family to figure out an alternative healthcare plan as soon as possible.

Our team of certified agent brokers at Thomas & Associates insurance agency in Jacksonville, Florida, wanted to share with you the different health insurance options you have when you lose a job. At Thomas & Associates, we can help find you the right plan quickly, so you are not without insurance for long.

Healthcare Coverage Options After Losing a Job

Spouse’s Coverage – If your spouse’s company offers health insurance plans to cover you and/or your family, you should try to get on his/her plan. The Health Insurance Portability and Accountability Act (HIPAA) gives people 30 days from the time a person’s former employer stops paying his/her insurance to enroll into a spouse’s plan. You do not need to wait for the company’s open enrollment period.
COBRA Coverage – After losing your job, you place of employment (if you had more than 20 employees in your company or you were not fired) will issue you a Consolidated Omnibus Budget Reconciliation Act (Cobra) notice, which allows you to stay on the health plan you had with your them. You have 60 days to enroll with COBRA, which guarantees coverage for around 18 months. Overall, this can be an expensive option because you will have to pay full COBRA premiums, which is the amount you paid plus the amount your employer was paying and an addition administrative fee. This is typically a short-term solution for people until they find another job.

Marketplace Coverage – The government’s Health Insurance Marketplace, under the Affordable Care Act, allows people another option for coverage outside of COBRA. Although the Marketplace has a specific open enrollment period, you can qualify for a Special Enrollment Period if you lost your health coverage in the last 60 days. In the Marketplace, you can compare plans to each other and compare plans to the COBRA coverage. Depending on your financial situation, age, and family size, you may be eligible for subsidies in the Marketplace, which can make the plans more financially feasible for you.
Individual Market Coverage – If you aren’t eligible for any subsidies, you can sign up for a new health insurance plan directly through a health insurance carrier or through a certified agent, like one of our team members at Thomas & Associates. Just like the Marketplace, you have 60 days from when your employer ends your coverage to apply for healthcare coverage without being in an open enrollment period.

Medicaid –Medicaid is available for low-income individuals, individuals with dependent children, disabled individuals, and people 65 years old or older. Some people may be eligible for partial Medicaid benefits.

Need Help Getting a Health Insurance Plan After Losing Your Job?

Health coverage is essential – not only is it smart and safe to have coverage, but until 2019, you will have to pay a penalty to the government for not having health insurance. If you’re going to pay, you might as well be getting health coverage!

We know and understand that losing your job can be one of the most stressful times of your life – let us help you make it a little bit easier by helping you find the best health coverage for you and/or your family quickly and easily. With Thomas & Associates, you’ll get a new plan quickly that fits your needs and budget. To get started, click our Jacksonville health insurance contact page or call 904-730-3900