Can You Qualify for ACA Coverage If You Quit Your Job?
If you’re considering quitting your job to start your own business or for other reasons, you may be wondering if you’ll still be able to qualify for health insurance under the Affordable Care Act (ACA). The answer is yes, you can still qualify for ACA coverage even if you don’t have a job.
Income Requirements
Your income will determine whether you qualify for Medicaid or an ACA plan through the Health Insurance Marketplace. If you have no income, you may be eligible for Medicaid in your state. Medicaid is a government-funded health insurance program for low-income individuals and families.
If your income is above the Medicaid threshold, you will need to purchase health insurance through the Health Insurance Marketplace. The amount of financial assistance you receive will depend on your income. If your income is below a certain level, you may be eligible for premium tax credits to help you pay for your health insurance premiums.
Qualifying Events
Losing your job is considered a qualifying event, which means you can enroll in an ACA plan outside of the Open Enrollment Period. Other qualifying events include:
Getting married or divorced
Having a child
Moving to a new state
Losing other health insurance coverage
What to Do If You Quit Your Job
If you quit your job and lose your health insurance, you should take the following steps:
1. Contact your state Medicaid agency to see if you qualify for Medicaid.
2. Visit the Health Insurance Marketplace website to apply for an ACA plan. You can apply for coverage outside of the Open Enrollment Period if you have a qualifying event.
3. If you qualify for premium tax credits, you will need to provide proof of income when you apply for coverage.
Conclusion
Losing your job can be a stressful experience, but it’s important to know that you still have options for health insurance coverage. If you have no income, you may be eligible for Medicaid. If your income is above the Medicaid threshold, you can purchase health insurance through the Health Insurance Marketplace.
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