Topic: ACA Coverage Options When Leaving Employment
Losing a job is an unfortunate reality for many people, and with it comes the worry of losing health insurance coverage. For those facing this situation, it’s important to understand their options under the Affordable Care Act (ACA).
What is Cobra Coverage?
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows employees to continue their employer-sponsored health insurance coverage after they lose their job. Coverage is typically retroactive for up to 60 days after your former employer’s coverage ends, so you have some time to make a decision. However, COBRA can be expensive, as it typically costs 102% of the premiums.
ACA Covered California Marketplace (CoveredCA)
The ACA created health insurance marketplaces, such as CoveredCA in California, where individuals and families can purchase health insurance plans. While open enrollment typically runs from November to January, those experiencing a qualifying life event, such as job loss, can enroll at any time.
Qualifying for Marketplace Coverage
To qualify for an ACA plan through CoveredCA, you must:
Be a U.S. citizen, permanent resident, or legal resident
Reside in California
Meet income eligibility requirements
Not be incarcerated
Income Eligibility for Marketplace Coverage
Income eligibility for ACA plans depends on your household size and income. In 2023, you may be eligible for financial assistance if your household income is between 138% and 400% of the federal poverty level (FPL).
Benefits of ACA Plans
ACA plans offer a range of benefits, including:
Essential health benefits, such as doctor’s visits, hospitalization, and prescription drugs
Coverage for pre-existing conditions
No annual or lifetime limits on coverage
Finding Help
If you need assistance navigating your health insurance options, you can find local resources at [https://localhelp.healthcare.gov//](https://localhelp.healthcare.gov// ). Licensed agents can also help you determine your eligibility and find a plan that meets your needs.
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