Navigating Health Insurance Gap Post-Graduation

Are you graduating university and facing a gap in health insurance coverage before starting your new job? Don’t worry, you have options. In this blog post, we’ll explore the available options for bridging this gap and ensure you maintain essential health coverage.

Health Insurance Options for the Gap Period

Medicaid: If you meet certain income requirements, you may qualify for Medicaid, a government program that provides health coverage to low-income individuals. Check your state’s Medicaid website to determine your eligibility.

Covered California: If you don’t qualify for Medicaid, you can purchase an Affordable Care Act (ACA) plan through your state’s health insurance marketplace. Covered California is California’s marketplace where you can shop for and compare different health insurance plans.

Short-Term Health Insurance: This type of insurance provides temporary coverage for a limited period, typically up to six months. It can be a suitable option if you only need coverage for the gap period.

COBRA: The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows you to continue your university health insurance for a limited time after graduation. However, COBRA coverage can be expensive.

Penalty for Not Having Health Insurance

The Affordable Care Act previously imposed a penalty for not having health insurance. However, since 2019, the federal penalty has been eliminated. However, some states, like California, have implemented their own penalties for not having health insurance. In California, the penalty applies to individuals without health coverage for more than three consecutive months beginning in 2020. The penalty is calculated based on the number of days you are uninsured and your household income.

Seeking Professional Assistance

Navigating health insurance options can be complex. To ensure you choose the best option for your situation, consider consulting a licensed insurance agent. They can provide personalized guidance, help you understand your coverage options, and assist with the enrollment process.

Remember, it’s crucial to maintain continuous health insurance coverage to protect yourself from unexpected medical expenses. By exploring the options outlined above and seeking professional assistance when needed, you can bridge the health insurance gap after graduation and ensure your health is protected.