Here’s How You Can Get Health Insurance Coverage If You Are Unemployed
The coronavirus pandemic is proving to be one of the greatest threats to humanity. It has taken in its grasp, millions of lives worldwide, and things are looking worse. People are staying at home and quarantining themselves. The economy across the globe has taken a hit, and if the situation worsens, many unfortunate things might soon happen. Amidst this crisis, people are losing their jobs as well. Millions are reeling the effects of unemployment and are completely at their wit’s end. At exactly the time when they are in dire need of coverage to fight the expenses they might incur if they fall sick, they are losing their health insurance as well. In such an unprecedented situation, follow the below-mentioned tips.
You Still Have the Coverage Of COBRA
If you were eligible for health insurance while we’re working and are hit by unemployment now, this is the easiest option you have. Yes, this is a bit expensive, but you have to bail yourself out at any cost. COBRA, in case you are not yet aware of it, happens to be a federal law that needs employers to allow former employees to persist with their health insurance coverage for around 18 months or so after they lose their jobs. COBRA applies to companies that have at least 20 employees, but maximum states have almost identical laws for smaller employers as well.
You can have the same coverage and can stick to the same provider network, but the premiums might start creeping higher since you would have to shell out both yours and your employer’s share of the total cost. Generally, employers shell out around three-fourth of the premiums on behalf of those who are working with them. You have 60 days in your hand, but federal emergency regulation is under extension during this particular time frame. You have more time with you to make up your mind whether you want to avail COBRA coverage or not, but you would probably be in insurance limbo during that phase.
Visit the Insurance Marketplace of Your State and Sign up for the Coverage
Usually, you have to wait till open enrollment to purchase a health insurance policy for yourself. Either you buy your policy through the state’s marketplace or simply log on to HealthCare.gov. But, if you lose your job and by that your health coverage, you can avail of the special enrollment period.
In such a situation, you have 60 days with you to buy a policy through your state’s marketplace or HealthCare.gov. You may also get a subsidy that can help you shell out your premiums. However, that will depend on how many members you have in your family and how much you have been earning annually. In case you lose your job, you should wait and check whether you qualify for a subsidy.
You Might Be Eligible for an Individual Policy If You Lack Employer Coverage
In case you don’t have employer coverage, you usually have to wait till the time open enrollment happens to lay your hands on an individual policy. People who have lost their jobs and didn’t have employer coverage have tough times. If the federal rules are taken under consideration, they usually are not eligible for the 60-day window to get enrolled for the Affordable Care Act plan.
On top of that, the open enrollment that happens across the country is still to come. Several states that have their marketplace in order have come up with a special enrollment period owing to the current crisis brought about the COVID-19 pandemic. However, 12 out of them have reopened enrolment for every resident, who currently doesn’t have an insurance plan. But, the period and the rules can vary from state to state.
Joining Your Spouse’s Plan Is a Good Idea
If your spouse still has his or her job and has the benefit of employer coverage, joining them as a dependent is a good idea, especially when things are not right. Discuss with them and calculate the increase in premiums if they add you to the coverage.
Understand the rules and get to know about the time frames. You do have a lot of options to avail of health coverage now. Go through the points and choose whatever suits you best. In these tough times, health coverage is a must. You simply can’t overlook that.
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