Losing Health Insurance Deductible After Switching Jobs

The Affordable Care Act (ACA) has made significant changes to the way health insurance is regulated in the United States. One of the key provisions of the ACA is that it prohibits insurers from denying coverage to people with pre-existing conditions. This has made it possible for people with pre-existing conditions to get the coverage they need without having to worry about being denied or charged higher premiums.

However, the ACA does not prevent insurers from setting deductibles. A deductible is the amount of money that you have to pay out of pocket before your insurance coverage kicks in. Deductibles can vary widely from plan to plan. Some plans have low deductibles of $500 or less, while others have high deductibles of $5,000 or more.

What Happens If You Switch Jobs and Lose Your Health Insurance Deductible?

If you switch jobs and lose your health insurance deductible, you will have to start over with a new deductible. This can be a significant financial burden, especially if you have a high deductible.

There are a few things you can do to minimize the impact of losing your health insurance deductible. First, you should try to negotiate with your new employer to see if they can offer you a plan with a lower deductible. Second, you can look into 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 coverage can be expensive, so you should only consider it if you have a high deductible.

Third, you can consider a health savings account (HSA). An HSA is a tax-advantaged savings account that you can use to pay for medical expenses. HSAs are only available to people who have a high-deductible health plan. If you contribute to an HSA, you can deduct the amount of your contribution from your federal income taxes. You can also use the money in your HSA to pay for medical expenses tax-free.

What Can You Do?

If you are concerned about losing your health insurance deductible, you should talk to your employer and see if they can offer you a plan with a lower deductible. You should also look into COBRA coverage and HSAs. By taking these steps, you can minimize the impact of losing your health insurance deductible.

Additional Resources:

[The Affordable Care Act: What You Need to Know](https://www.healthcare.gov/health-care-law/)
[COBRA Coverage](https://www.dol.gov/agencies/whd/cobra)
[Health Savings Accounts (HSAs)](https://www.irs.gov/retirement-plans/health-savings-accounts-hsas)