Can You Take a Leave of Absence and Keep Your Health Insurance?
If you’re considering taking a leave of absence from work, you may be wondering how it will affect your health insurance coverage. The Affordable Care Act (ACA) provides some protections for people who are taking a leave of absence, but it’s important to understand how the law works so that you can make the best decision for your situation.
ACA Basics
The ACA requires employers with 50 or more employees to offer health insurance to their full-time employees. If you take a leave of absence, you may be eligible to continue your health insurance coverage through your employer’s plan. However, you may have to pay the full cost of the premiums yourself.
Qualifying for COBRA
If your employer’s plan does not allow you to continue your coverage during your leave of absence, you may be eligible for COBRA. COBRA is a federal law that allows you to continue your health insurance coverage for up to 18 months after you lose your job or take a leave of absence. However, COBRA premiums can be expensive, so it’s important to weigh the costs and benefits before enrolling.
Other Options
If you’re not eligible for COBRA, you may be able to purchase health insurance through the Health Insurance Marketplace or through a private insurer. However, it’s important to note that premiums can be higher if you’re not eligible for subsidies through the Marketplace.
Making a Decision
Ultimately, the best decision for you will depend on your individual circumstances. If you’re only taking a short leave of absence and you’re confident that you’ll be able to afford the COBRA premiums, then it may be a good option for you. However, if you’re taking a longer leave of absence or you’re not sure how you’re going to pay for COBRA, then you may want to consider other options.
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