How Changes in Employment Can Impact Your ACA Insurance

One of the most common events that can impact your ACA insurance is a change in employment. When you lose your job, or if your income changes significantly, you may be eligible for different types of coverage or financial assistance.

Losing Your Job

If you lose your job, you may be eligible for COBRA coverage. COBRA is a federal law that allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. However, COBRA can be expensive, so it’s important to weigh the costs and benefits before you decide whether or not to enroll.

Another option is to purchase health insurance through the Health Insurance Marketplace. The Marketplace is a government-run website where you can compare and purchase health insurance plans from private insurers. You may be eligible for subsidies to help pay for your coverage if your income is below a certain level.

Changes in Income

If your income changes significantly, you may be eligible for different types of financial assistance. For example, if your income decreases, you may be eligible for Medicaid or CHIP. Medicaid is a government-funded health insurance program for low-income individuals and families. CHIP is a government-funded health insurance program for children.

If your income increases, you may be eligible for a higher level of subsidies to help pay for your Marketplace coverage.

What to Do If You Lose Your Job or Your Income Changes

If you lose your job or your income changes, it’s important to take the following steps:

1. Contact your employer. Find out if you are eligible for COBRA coverage.

2. Visit the Health Insurance Marketplace. Compare and purchase health insurance plans from private insurers.

3. Apply for Medicaid or CHIP. Find out if you are eligible for these government-funded health insurance programs.

4. Contact a licensed agent. A licensed agent can help you understand your options and enroll in a health insurance plan that meets your needs.

Conclusion

Changes in employment can have a significant impact on your ACA insurance. It’s important to be aware of your options and to take the necessary steps to ensure that you have the coverage you need.