Picking the Right Insurance Coverage While Waiting for ACA Approval

Losing your job is never easy, and it can be even more stressful when you’re also worried about health insurance. If you’ve recently been laid off, you may be wondering what your options are for health insurance coverage. One option is to use COBRA, which allows you to continue your employer-sponsored health insurance for a limited time. Another option is to sign up for an ACA (Affordable Care Act) health insurance plan.

COBRA vs. ACA: Which is Right for You?

COBRA and ACA are both health insurance options, but they have some key differences. COBRA is a temporary health insurance option that allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. ACA is a permanent health insurance option that is available to all Americans, regardless of their employment status.

COBRA

Pros:
COBRA allows you to continue your employer-sponsored health insurance, which means you won’t have to switch doctors or plans.
COBRA is typically more comprehensive than ACA plans, meaning it covers more services.
Cons:
COBRA can be expensive, as you will be responsible for paying the full premium, including the employer’s share.
COBRA is only available for a limited time, up to 18 months after you lose your job.

ACA

Pros:
ACA plans are typically more affordable than COBRA plans, as they are subsidized by the government.
ACA plans are available to all Americans, regardless of their employment status.
Cons:
ACA plans may not be as comprehensive as COBRA plans, meaning they may not cover as many services.
ACA plans have a deductible, which means you will have to pay out-of-pocket for some services before your insurance kicks in.

Deciding Which Option is Right for You

The best way to decide which health insurance option is right for you is to compare the costs and benefits of each plan. You should also consider your individual needs and circumstances. If you are healthy and don’t need comprehensive coverage, an ACA plan may be a good option for you. If you have a chronic condition or need more comprehensive coverage, COBRA may be a better choice.

How to Apply for COBRA or ACA

To apply for COBRA, you will need to contact your former employer. To apply for ACA, you can visit HealthCare.gov or contact a licensed health insurance agent.

Don’t Go Without Health Insurance

It is important to have health insurance, even if you are healthy. If you go without health insurance, you could be responsible for paying for expensive medical bills out-of-pocket. If you can’t afford COBRA or ACA, there are other options available, such as Medicaid or CHIP.

Getting Help

If you need help choosing a health insurance plan or applying for COBRA or ACA, you can contact a licensed health insurance agent. Health insurance agents can help you compare plans and find the best coverage for your needs.