ACA Insurance Options for Individuals Losing Coverage Due to Bankruptcy: A Guide for New Yorkers

Losing your job and health insurance can be a stressful experience. However, the Affordable Care Act (ACA) provides several options for individuals seeking affordable health coverage. This blog post will explore the ACA insurance options available to New Yorkers who have recently lost their employer-sponsored health insurance due to bankruptcy.

The ACA, also known as Obamacare, has several provisions that help individuals and families get health insurance. One of the key provisions is the health insurance Marketplace, which allows individuals to compare and purchase health insurance plans from private insurers. The Marketplace is available in every state, including New York.

Medicaid:
One potential option for individuals who have lost their employer-sponsored health insurance is Medicaid. Medicaid is a government program that provides health coverage to low-income individuals and families. To be eligible for Medicaid, you must meet certain income and asset requirements. In New York, Medicaid is available to individuals with incomes up to 138% of the federal poverty level (FPL).
https://nystateofhealth.ny.gov/

New York Essential Plan:
Another option for individuals who have lost their employer-sponsored health insurance is the New York Essential Plan. The Essential Plan is a state-sponsored health insurance program that provides affordable coverage to low-income individuals and families. To be eligible for the Essential Plan, you must meet certain income requirements. In New York, the Essential Plan is available to individuals with incomes up to 200% of the FPL.
https://www.health.ny.gov/health_care/medicaid/essential_plan/

ACA Marketplace:
If you do not qualify for Medicaid or the Essential Plan, you may be able to purchase health insurance through the ACA Marketplace. The Marketplace is a website where you can compare and purchase health insurance plans from private insurers. When you apply for coverage through the Marketplace, you will be asked to provide information about your income, household size, and other factors. Based on this information, you will be eligible for certain health insurance plans and may qualify for premium tax credits to help lower the cost of your coverage.

Open Enrollment Period:
The Marketplace has an “open enrollment period” each year when individuals can sign up for health insurance coverage. The open enrollment period for 2024 coverage runs from November 1, 2023, to January 15, 2024. However, in New York, there is a special enrollment period for individuals who have lost their employer-sponsored health insurance. This special enrollment period allows individuals to sign up for coverage outside of the open enrollment period.

Conclusion:
Losing your employer-sponsored health insurance can be a stressful experience, but there are several options available to help you get coverage. If you have lost your employer-sponsored health insurance due to bankruptcy, you may be eligible for Medicaid, the New York Essential Plan, or coverage through the ACA Marketplace. To learn more about your options, you should contact a licensed health insurance agent or visit the NY State of Health website.