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There is an extended COBRA grant that temporarily covers 100% of your unemployment health premiums ends on October 1st. The program allows you to keep your former employer’s health insurance plan for at least 18 months, but you usually have to pay the full cost, which is too expensive for many people. With the end of the subsidy, you may be looking for a cheaper alternative – check out the options here.

Why the COBRA program isn’t great without a grant

the Consolidated omnibus budget reconciliation law, or COBRA, allows you to continue your employer’s health insurance for up to 18 months (or 36 months in some cases) if you or a household member has had a work cut or involuntarily lost your job.

The idea is to offer emergency insurance until you either find a new job with insurance coverage or get a new policy elsewhere. While it sounds good in theory, these group plans are usually heavily subsidized by the employer.83% of the cost, on average. That means the average cost for an individual is about $ 623 per month that you would pay while unemployed. Since the temporary 100% subsidy ends, you may need to look elsewhere for coverage.

So what other health options are there?

If you are on the COBRA program, your former employer should send you a letter by September 15th informing you that the grant will end on October 1st. The letter is also legally required to state your monthly bill without the grant.

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If it is too expensive, you will be eligible for a special registration deadline on the Affordable Care Act Marketplace for 60 days after notification of the change. You can obtain insurance cover from ACA health insurance marketplace—If prompted, please state “Loss of coverage” as the reason for applying (for more information on how to apply, see.) here ).

The good news is that Obamacare is a great option right now as it is are the most recent subsidies that reduce Bronze and Silver plan premiums to $ 0 per monthif you were unemployed in 2021.

When you apply you may also be eligible depending on your income and the state you live in Medicaidwhich exempts or subsidizes most prime costs such as deductibles and co-payments. For more information on applying for health insurance in general, see the website.