Navigating the Health Insurance Coverage Gap after Job Loss

Losing your job can be stressful enough without having to worry about losing your health insurance. If you’re in this situation, you’re not alone. Many people find themselves in a coverage gap after losing their job.

The Affordable Care Act and Special Enrollment Periods

The Affordable Care Act (ACA) provides a special enrollment period for people who lose their job and their health insurance through their employer. You have 60 days from the date you lose coverage to sign up for a new health plan through the Health Insurance Marketplace.

What to Do if You Need Coverage Immediately

If you need coverage immediately and can’t wait for the special enrollment period to start, there are a few options you can explore:

COBRA: 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 premiums are often higher than group health insurance premiums, so it’s important to weigh the costs before enrolling.
Short-term health insurance: Short-term health insurance is a type of temporary health insurance that can provide coverage for up to 364 days. However, short-term health insurance plans typically have limited benefits and high deductibles.
Medicaid: Medicaid is a government health insurance program for low-income individuals and families. If you meet the income requirements, you may be eligible for Medicaid coverage.

Applying for Health Insurance Through the Health Insurance Marketplace

When you’re ready to apply for health insurance through the Health Insurance Marketplace, you can do so online, by phone, or in person. You will need to provide information about your income, family size, and health status.

Once you have applied, you will be able to compare different health plans and choose the one that’s right for you. You can also get help from a licensed insurance agent to find the best plan for your needs.

Don’t Delay Getting Coverage

It’s important to get health insurance as soon as possible after you lose your job. If you delay, you could end up with a coverage gap and be responsible for paying out-of-pocket for medical expenses.

If you’re having trouble affording health insurance, there are programs available to help you. For more information, please contact a licensed insurance agent or visit the Health Insurance Marketplace website.