One of the worst problems with losing your job is dealing with finding health insurance. Fortunately, you have a few options, although there are tradeoffs with quality and price. Here’s what you can do.
Option 1: how to sign up for an Obamacare health plan
A bronze plan may have a high deductible for medical benefits, but it will protect you from unexpected high-cost scenarios that can ruin you financially. While this is the lowest tier plan, it can cost a lot, anywhere from $ 200 to $ 400 per month. The good news, however, is that people with incomes up to 600% of the poverty line (up to $ 76,560 for a single person) are eligible for a subsidy that covers either all or part of the cost of your monthly premium. This calculator helps you to come up with an estimate.
Start by buying a plan Healthcare.gov, even if you live in one of the states that have set up their own exchange. Click Get Coverage, select your state and you will be directed to the correct location.
Option 2: how to sign up for COBRA coverage
If you liked the coverage you already received from your previous employer, you can keep this plan by enrolling with the federal government Consolidated Omnibus Budget Adjustment Act Program better known as COBRA.
G / O Media can receive a commission
The program allows you to stay with your employer’s health insurance for up to 18 months after your employment has ended. There is a catch, however: you have to pay the full premium yourself, plus a small administration fee. That could cost you hundreds of dollars as employers pay roughly 80% of your premiumsThis is a heavy price that most people have to pay.
In order to register, your employer or your health insurance company should send you a declaration of eligibility after your employment relationship has ended. If you were expecting one but haven’t received it yet, contact your company’s human resources department or your health insurer directly. However, as soon as you receive notification that you are eligible for COBRA, you will need to register within 60 days.
Option 3: Join a family member’s plan
Because the loss of your insurance is a qualifying event, you have 30 days from the end of your insurance to enroll in a spouse or family membership plan. This may even be a better option than the ones listed above, depending on the cost and scope of your family member’s insurance. If it turns out to be great, you may want to stay on someone else’s insurance plan even after starting a new job.
Option 4: How to Apply for Medicaid Coverage
Medicaid is government health insurance for people with limited income (usually) less than $ 2,382for 2021). Unlike Obamacare plans, which are run by private companies, patients are usually patients do not pay the cost for recovered medical expenses, and in some cases, too retroactive coverage. However, the plans vary by state – you’ll need to use this Healthcare.gov calculator to see if you qualify.
