ACA Health Insurance: What Happens When You Lose Your Job?
If you’ve recently lost your job, you may be wondering what your options are for health insurance. The Affordable Care Act (ACA) provides a number of ways to get coverage, even if you’re not employed.
Losing Your Job Can Be a Qualifying Life Event
Losing your job is considered a qualifying life event, which means you can sign up for ACA health insurance outside of the open enrollment period. You have 60 days from the date you lost your job-based insurance to enroll in a new plan.
You May Qualify for Medicaid or CHIP
If you meet certain income requirements, you may qualify for Medicaid or the Children’s Health Insurance Program (CHIP). Medicaid is a government-funded health insurance program for low-income individuals and families. CHIP is a similar program for children.
You Can Buy a Plan Through the Health Insurance Marketplace
If you don’t qualify for Medicaid or CHIP, you can buy a plan through the Health Insurance Marketplace. The Marketplace is a government-run website where you can compare plans and prices from different insurance companies.
You Can Get Help from a Licensed Health Agent
If you’re not sure which option is right for you, you can get help from a licensed health agent. Health agents can help you compare plans, apply for coverage, and answer your questions about ACA health insurance.
What If I Have a Claim That’s More Than $50,000?
ACA health insurance plans have a variety of limits on coverage, including a limit on the total amount you can spend out-of-pocket each year. This limit is called the out-of-pocket maximum.
If you have a claim that’s more than your out-of-pocket maximum, your insurance company will pay the rest of the costs. However, you may still have to pay a deductible, which is the amount you have to pay before your insurance coverage kicks in.
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