Can I Get ACA Insurance After Quitting My Job?
The Affordable Care Act (ACA) allows individuals to enroll in health insurance outside of the open enrollment period if they experience a qualifying life event, such as losing their job.
In the case of voluntarily quitting your job, you may still be eligible for a Special Enrollment Period (SEP) to sign up for ACA health insurance. Here’s what you need to know:
– What is a Qualifying Life Event?
A qualifying life event is a significant change in your life that allows you to enroll in health insurance outside of the open enrollment period. Losing your job, whether voluntarily or involuntarily, is considered a qualifying life event.
– How Long Do I Have to Enroll?
Once you experience a qualifying life event, you have 60 days to enroll in an ACA health insurance plan. This 60-day period begins on the date of the event, not the date you find out about it.
– What Happens if I Miss the 60-Day Deadline?
If you miss the 60-day deadline, you may still be able to enroll in health insurance, but you may have to pay a late enrollment penalty. The penalty is 1% of the national average premium for each month you are uninsured.
– How Do I Enroll?
To enroll in ACA health insurance, you can visit the Health Insurance Marketplace at HealthCare.gov or contact a licensed insurance agent or broker. They can help you find a plan that meets your needs and budget.
It’s important to note that the rules for qualifying life events and Special Enrollment Periods may vary from state to state. It’s always best to consult with a licensed insurance agent or broker to determine your eligibility and enrollment options.
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