What are Your Healthcare Options If You Quit Your Job for an Unpaid Internship?

Losing your job can be a stressful experience, especially if you’re not sure how you’re going to pay for health insurance. If you’re considering quitting your job for an unpaid internship, it’s important to understand your healthcare options so that you can make the best decision for your situation.

Types of ACA Health Insurance Plans

The Affordable Care Act (ACA) offers a variety of health insurance plans that can provide you with coverage if you lose your job. These plans are available through the Health Insurance Marketplace, also known as the “exchange.”

When shopping for a plan on the exchange, you’ll be able to choose from a variety of different options, including:

– Bronze plans: These plans have the lowest monthly premiums, but they also have the highest deductibles and out-of-pocket costs.
– Silver plans: These plans have middle-of-the-road premiums, deductibles, and out-of-pocket costs.
– Gold plans: These plans have the highest monthly premiums, but they also have the lowest deductibles and out-of-pocket costs.

You can also choose between different types of plans, such as:

– Health Maintenance Organizations (HMOs): HMOs require you to choose a primary care physician who will coordinate your care. You can only see specialists if your primary care physician refers you.
– Preferred Provider Organizations (PPOs): PPOs allow you to see any doctor or specialist you want, but you’ll pay more if you see a doctor or specialist who is not in the plan’s network.
– Point-of-Service (POS) plans: POS plans are a hybrid of HMOs and PPOs. You can choose a primary care physician who will coordinate your care, but you can also see specialists without a referral if you’re willing to pay more.

How to Enroll in an ACA Health Insurance Plan

You can enroll in an ACA health insurance plan through the Health Insurance Marketplace. The Marketplace is a website where you can compare plans and prices from different insurance companies.

To enroll in a plan, you’ll need to provide information about your income, household size, and health status. You can also apply for financial assistance to help you pay for your premiums.

The ACA Penalty

If you don’t have health insurance, you may have to pay a penalty. The penalty is based on your income and how long you go without insurance. For 2023, the penalty is $2,300 per adult and $1,150 per child. The penalty is capped at $7,500 per family.

Other Health Insurance Options

In addition to the ACA, there are other ways to get health insurance if you lose your job. These options include:

– COBRA: COBRA allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. However, COBRA can be expensive, and you’ll have to pay the full premium yourself.
– Medicaid: Medicaid is a government health insurance program for low-income individuals and families. If you qualify for Medicaid, you’ll be able to get free or low-cost health insurance.
– CHIP: CHIP is a government health insurance program for children from low-income families. If your child qualifies for CHIP, they’ll be able to get free or low-cost health insurance.

If you’re not sure which health insurance option is right for you, you can talk to a licensed insurance agent. An agent can help you compare plans and prices and find the best option for your needs and budget.

Don’t Go Without Health Insurance

It’s important to have health insurance, even if you’re healthy. A serious illness or injury can be financially devastating if you don’t have insurance. If you lose your job, don’t wait to get health insurance. Explore your options and find a plan that fits your needs and budget.