Are Millions at Risk of Losing Health Insurance?

The economic fallout from the COVID-19 pandemic has been severe, with millions of Americans losing their jobs. As a result, many people are now at risk of losing their health insurance.

According to a recent study by the Kaiser Family Foundation, 35 million Americans could lose their health insurance due to the pandemic. This includes people who have lost their jobs, as well as those who have had their hours or wages reduced.

What is COBRA?

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows employees to continue their health insurance after they leave their job. COBRA coverage is typically more expensive than the coverage you had through your employer, but it can be a good option if you don’t have other health insurance options.

COBRA coverage is available for 18 months after you lose your job. If you are eligible for COBRA, your employer will send you a notice explaining your rights and responsibilities.

What is HealthCare.gov?

HealthCare.gov is the federal government’s health insurance marketplace. You can use HealthCare.gov to shop for and enroll in health insurance plans.

HealthCare.gov is open enrollment for 2021 is November 1, 2020 – January 15, 2021. If you enroll in a health insurance plan through HealthCare.gov, your coverage will start on January 1, 2021.

What is Medicaid?

Medicaid is a government health insurance program for low-income individuals and families. Medicaid eligibility varies from state to state, but most low-income Americans are eligible for Medicaid if they meet certain requirements.

If you are unemployed and have lost your health insurance, you may be eligible for Medicaid. To apply for Medicaid, contact your state’s Medicaid agency.

How to Find Affordable Health Insurance

If you have lost your health insurance due to the pandemic, there are a few things you can do to find affordable health insurance.

Check if you qualify for Medicaid. Medicaid is a government health insurance program for low-income individuals and families. If you meet certain requirements, you may be able to get Medicaid for free or at a low cost.
Shop for health insurance on HealthCare.gov. HealthCare.gov is the federal government’s health insurance marketplace. You can use HealthCare.gov to shop for and enroll in health insurance plans. You may be eligible for subsidies to help you pay for health insurance if you have a low or moderate income.
Consider COBRA. COBRA allows you to continue your health insurance after you lose your job. COBRA coverage is typically more expensive than the coverage you had through your employer, but it can be a good option if you don’t have other health insurance options.

Losing Health Insurance Can Be Stressful

Losing health insurance can be a stressful experience. If you have lost your health insurance, it is important to know that there are options available to you. You may be eligible for Medicaid, or you may be able to find affordable health insurance on HealthCare.gov. You should also consider COBRA if you are eligible.

If you have any questions about your health insurance options, you can contact a licensed insurance agent for help.