Important Things to Know When Leaving Employer Health Insurance
Imagine that you are stopping working next year around mid-March and are wondering what to do about health insurance. You are not alone. Many people leave their jobs each year, and they need to know how to get health insurance after they lose their employer-sponsored coverage.
Fortunately, the Affordable Care Act (ACA) makes it easier than ever to get health insurance. You can enroll in a health plan through the Marketplace during the annual Open Enrollment Period, which runs from November 1 to January 15. Or, you can enroll in a plan outside of Open Enrollment if you have a qualifying life event, such as losing your job.
If you are losing your employer-sponsored health insurance, you will have a Special Enrollment Period (SEP) to enroll in a Marketplace plan. This SEP lasts for 60 days before and after your last day of coverage. So, if your employer coverage ends on March 31, 2023, you can enroll in a Marketplace plan with a start date of February 1, 2023, or March 1, 2023.
When you enroll in a Marketplace plan, you will need to choose a plan that meets your needs and budget. There are many different plans to choose from, so it is important to compare them carefully before making a decision. You can find more information about Marketplace plans at HealthCare.gov.
If you need help enrolling in a Marketplace plan, you can call our licensed agent at (555) 555-1212. We can help you compare plans, choose a plan that is right for you, and enroll in the plan.
Here are some additional things to keep in mind when leaving employer health insurance:
If you are eligible for Medicaid or CHIP, you may be able to get free or low-cost health insurance.
If you are not eligible for Medicaid or CHIP, you may be able to get a tax credit to help you pay for health insurance.
If you have a pre-existing condition, you cannot be denied health insurance or charged more for coverage.
You can keep your employer-sponsored health insurance if you continue to pay the premiums. However, this can be expensive, so it is important to compare the cost of continuing your employer-sponsored coverage to the cost of getting a Marketplace plan.
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