Avoiding Health Insurance Gaps When Transitioning Coverage
For those turning 26 and losing their parents’ health insurance, finding coverage can be a concern. However, losing previous coverage is a “Qualifying Life Event (QLE)” that enables enrollment outside the regular enrollment period. If you encounter a coverage gap, here are your options:
Employer-Sponsored Health Insurance
Contact your Human Resources (HR) department to enroll in your employer’s health insurance plan. Explain your QLE and request a special enrollment period. Most employers offer coverage year-round for those experiencing QLEs.
Individual Health Insurance
If your employer doesn’t offer year-round enrollment, consider purchasing an individual health insurance plan. You have 60 days from losing your previous coverage to enroll in a new plan.
Cobra Insurance
Cobra is a federal law that allows you to continue your employer-sponsored health insurance for a limited time after losing coverage. You have 60 days from losing your previous coverage to enroll in Cobra.
Short-Term Health Insurance
Short-term health insurance provides temporary coverage for those who need it for a limited time. It typically lasts for a few months and can help bridge the gap between losing previous coverage and enrolling in a new plan.
As mentioned in the post example, losing health insurance is a QLE that qualifies you for a special enrollment period. Contact your employer or an insurance agent to explore your options. Remember, it’s crucial to avoid having a coverage gap in case of unexpected medical expenses.
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