Did you know that in 2019, 92% of Americans had health insurance?
Those who are a part of the 8% that are uninsured can feel quite vulnerable. After all, medical expenses can be astronomical without the assistance of an insurance company.
Are you at risk of losing your job? And is there a way to protect yourself if you’ve lost health insurance?
We’re here to fill you in. Keep reading the guide below to learn the next steps to take after losing insurance.
Evaluating Your Situation After You’ve Lost Health Insurance
People who’ve lost their jobs are often the ones left without an insurance plan. After you’ve lost your job, it’s wise to evaluate your situation.
Your past and current income can often determine what insurance plans you’re eligible for. You’ll also want to have a list of any pre-existing conditions handy as you search for a new plan.
If possible, determine what length of time your ideal plan would cover. For example, a flexible short-term plan is ideal if you’ll only be between jobs for a short amount of time.
Outlining Your Options
For those looking for quick coverage between jobs, short-term health insurance is likely your best bet. Short-term plans typically cover the basics—simple doctor and hospital visits. You can check out this post for a more detailed outline of short-term insurance.
Perhaps the most well-known health insurance option is coverage under the Affordable Care Act (ACA). The ACA ensures that citizens can purchase health care either from the federal government or their state’s marketplace.
The plans are subsidized and based on your estimated yearly income and collected unemployment benefits. If you plan to go back to work, those earnings will be factored in as well.
It’s important to note that the plans offered by the government can be tricky to obtain. You have to apply during the annual enrollment period. The only exceptions are for special circumstances, such as having a baby or moving states.
It’s also worth checking to see if you’re eligible for Medicaid. Medicaid offers low or free care for those eligible, and it’s ideal for low-income citizens. Medicaid plans are factored by your household’s income, severance pay, and part of your unemployment benefits.
Lastly, you can check to see if you qualify for COBRA. COBRA allows you to extend your previous job-based insurance for up to 18 months following your termination date.
However, you’ll be paying for your entire premium without assistance from your employer. This can make COBRA an expensive option for low-income individuals who’ve lost health insurance.
Moving Forward
It can be frightening to lose your health insurance. You don’t want to be stuck without assistance during an emergency.
These days, it’s more important than ever to be protected under an insurance plan. The guide above will help you get back on track if you’ve recently lost health insurance.
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