Laid Off? Furloughed? Hours Reduced? Pay Cut? You Have Options
If you get your health insurance through your employer and you experience a significant change in your employment, you may qualify for a Special Enrollment Period under the terms of the Affordable Care Act.
- COBRA: Typically employers with at least 20 full-time employees are required to offer COBRA coverage, and it’s generally available to former employees and retirees, as well as their spouses, former spouses and dependent children if they were originally covered. This tends to be the most expensive option but not always.
- Spouse/Parents Plan: Because losing your health insurance coverage is a qualifying event, you can also look into joining a spouse, partner or family member’s employee-sponsored plan. If you’re under 26, you may even be able to join your parents’ employer-based plan. You have 30 days from the time your previous employer stops paying for your insurance to enroll in your family member’s plan.
- Short Term Coverage: These plans have been around for decades. The good thing is that they tend to be less expensive. The trade-off is that you have to answer medical questions and these plans are subject to a 5 year pre-existing condition look back clause. You can explore temporary insurance options here: https://www.uhone.com/shop/#/census?brokerid=AA0315975
- Marketplace Plans: These are also not new. Your qualifying event allows you a 60-day Special Enrollment Period where you can sign up for health insurance. Depending on your situation and that of your household, the US Government may pay part or all of the premiums. Legacy Benefits uses an enhanced direct enrollment platform for these plans. You can find that here: https://www.healthsherpa.com/?_agent_id=jack-dodgen
As always, we’re here to help. Give us a call or send us an email if we can answer any questions.