Financially.site – When you’ve found yourself without a job but still need health insurance. Maybe you’re between jobs, freelancing, or starting your own business.
Whatever the reason, having health insurance is crucial. Let’s explore some ways you can get coverage without employer-based insurance.
Marketplace Insurance
The Health Insurance Marketplace, also known as the exchange, is a great place to start. The Marketplace offers different plans with various levels of coverage, from Bronze to Platinum. Here’s what you need to know:
Open Enrollment Period: This is the time of year when you can sign up for a plan. Usually, it runs from November to December, but it can vary.
Special Enrollment Period: If you’ve lost your job, you might qualify for a special enrollment period, which lets you sign up outside of the regular open enrollment.
Read: Why is insurance important for financial planning?
Subsidies and Tax Credits: Depending on your income, you might be eligible for financial assistance that lowers your monthly premiums and out-of-pocket costs.
Medicaid
Medicaid is a state and federal program that provides health coverage if you have a low income. Eligibility and benefits can vary by state, but here are some general points:
Income Requirements: You need to meet certain income limits, which are based on the Federal Poverty Level (FPL).
No Enrollment Period: You can apply for Medicaid at any time, not just during open enrollment.
Comprehensive Coverage: Medicaid often covers a wide range of services, including doctor visits, hospital stays, and preventive care.
COBRA Coverage
COBRA (Consolidated Omnibus Budget Reconciliation Act) lets you keep your previous employer’s health insurance for a limited time after you lose your job. Here’s the scoop:
Same Coverage: You get the same benefits as when you were employed.
Costly Premiums: You’ll have to pay the full premium, including the part your employer used to cover, plus a small administrative fee.
