Job Loss and ACA Health Insurance: Open Enrollment vs. Qualifying Events

Losing your job can be a stressful event. On top of losing your income, you also have to worry about losing your health insurance. If you are facing job loss, it is important to know your options for getting health insurance. Two potential options are Open Enrollment and Qualifying Events. Both options are related to the Affordable Care Act (ACA). To understand the difference between Open Enrollment and Qualifying Events, read more below.

What is Open Enrollment?
Open Enrollment is a yearly period when you can sign up for health insurance through the Health Insurance Marketplace. For 2023, the Open Enrollment period runs from November 1, 2022, to January 15, 2023. If you miss the Open Enrollment deadline, you can still get health insurance through a Qualifying Event.

What is a Qualifying Event?
A Qualifying Event is a life event that allows you to enroll in health insurance outside of the Open Enrollment period. Losing your job is a Qualifying Event. Other Qualifying Events include:
Getting married
Losing your current health insurance
Having a baby
Moving to a new state

Which option is right for you?
If you know that you will be losing your job soon, and need to have health coverage before the next Open Enrollment period begins, you can enroll in an ACA plan due to a loss of job. If you are not sure when you will be losing your job, or if you want to compare your options during Open Enrollment, you may want to wait and enroll during that time.

Can I sign up for ACA health insurance retroactively?
In most cases, you cannot sign up for ACA health insurance retroactively. However, there is an exception for Qualifying Events. If you have a Qualifying Event, you can enroll in health insurance up to 60 days before the event occurred.

What if I can’t afford COBRA or ACA health insurance?
If you cannot afford COBRA or ACA health insurance, you may be eligible for Medicaid. Medicaid is a government health insurance program for low-income individuals and families. To find out if you are eligible for Medicaid, contact your state Medicaid agency.

How to enroll in ACA health insurance
You can enroll in ACA health insurance through the Health Insurance Marketplace. You can apply online, by phone, or by mail. If you need help enrolling, you can contact a licensed health insurance agent.

Conclusion
Losing your job can be a difficult experience. However, it is important to know that you have options for getting health insurance. If you are facing job loss, it is important to compare your options and choose the plan that is right for you.