Leaving Job with Insurance? Navigating Health Coverage Options in Tennessee
Are you transitioning from a job with health insurance to one without? This can be a stressful time, but it’s important to know your options and make informed decisions about your health coverage.
Continuation of Existing Coverage
You may be able to continue your current health insurance coverage through COBRA (Consolidated Omnibus Budget Reconciliation Act), but this option comes with significant costs. You will be responsible for paying the full premium, which can be more than double what you were paying when your employer was contributing.
Obamacare (ACA) Marketplace
The Affordable Care Act (ACA) provides an online marketplace where you can purchase health insurance plans. If your income is below 400% of the federal poverty level ($53,000 for an individual in 2024), you may qualify for a subsidy to help lower the cost of your premiums. The enrollment period for the ACA marketplace typically runs from November 1st to January 15th, but there may be special enrollment periods available if you lose your job or experience other qualifying life events.
Short-Term Health Insurance
Short-term health insurance is a less expensive option than traditional health insurance, but it also provides less comprehensive coverage. Short-term plans typically do not cover pre-existing conditions and may have lower coverage limits.
Employer Subsidized Health Insurance
Some employers offer subsidized health insurance to their employees. This means that the employer pays a portion of the premium. If you can find an employer who offers subsidized health insurance, this can be a cost-effective way to get coverage.
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