When you lose your job, one of the biggest concerns is “what about my health insurance?” In most cases, you would have lost health insurance when you lost your job. There are options for health insurance for unemployed people.
Lost Health Insurance? Here’s What You Do Next
One option that you have is to go to the marketplace. Even though the health insurance open enrollment period has ended, losing your health insurance through your employer is a qualifying circumstance to still access this marketplace.
You can see if you qualify for programs like CHIP (Children’s Health Insurance Program), Medicaid, or another affordable option on the marketplace. Another option to look into is COBRA health insurance.
Facts About COBRA Health Insurance
COBRA (Consolidated Omnibus Budget Reconciliation Act) is a program for health insurance that lets eligible employees and their dependents to continue the benefits of their health insurance coverage even when the employee loses their job or their insurance due to a reduction in work hours. If your employer had more than 20 employees, they are required to offer COBRA coverage. Depending on your situation, you can use COBRA coverage for between 18 and 36 months.
Read about: 7 facts about Cobra Health Insurance
Pros and Cons of COBRA Health Insurance
There are some pros and cons to COBRA
health insurance. The biggest benefit to COBRA is that you continue the same
coverage that you had while you were employed for up to 36 months. The downside
is that it’s so expensive because you are covering the full cost of the health
insurance policy, where your employer used to pay all or a portion of. This
means that you may end up paying more for health care.
TrueCoverage understands that losing employment can cause a lot of problems, which is why they help to find right and affordable health insurance for unemployed people.