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I Have Lost my Health Insurance, Now What?

If you are someone who lost their employer-based health insurance due to the COVID-19 pandemic, you are not alone. In fact, as of May 2, almost 27 million Americans have lost their health coverage, according to the Kaiser Family Foundation.

However, there is a light at the end of the tunnel for a majority of those who have lost their insurance. About 80% of those who have lost coverage are eligible for some form on publicly-subsidize coverage. So, what can you do if you have lost your insurance? There are a few options based on your household income, your age, where you live and the employer you or your policy holder had been working for. Below are the options:

  • Qualifying Event.
    • Losing your job can count as a qualifying event, meaning you would be eligible to open enroll on your partner’s group healthcare plan. If you are under the age of 26, you can also get back onto your parent’s healthcare plan.
  • COBRA
    • Consolidated Omnibus Budget Reconciliation Act, or COBRA, is essentially buying the employer-based health insurance you had at your previous job, but at your own expense. COBRA can be more costly but a good option if you would like to continue the same coverage you had under your employer. Usually, people with COBRA have to pay 102% of the full premium. Unlike Medicaid, there is a limit to how long someone can be on COBRA, and it is usually 18 months.
  • Buying insurance through the ACA marketplace
    • If you lose your job, you may be eligible for more subsidies through the Affordable Care Act (ACA) marketplace than you think. People can actually qualify for subsidies and most people can find a plan that is less than $100 a month. If you are looking to buy from a private insurance company, there are many red flags to look for. The first is to be sure you are buying from a company that follows the ACA guidelines. Next, is to always be careful if the plan is “too good to be true” odds are they do not cover much and may have hidden fees.
  • Buying insurance through an Insurance Company
    • If you are looking to buy from a private insurance company, there are a few tips to be sure you are buying the right insurance for you. The first is to be sure you are buying from a company that follows the ACA guidelines. Next, is to always be careful if the plan is “too good to be true.” Odds are, they do not cover much and may have hidden fees.
  • Medicaid

Qualifying for Medicaid can be difficult or rather easy depending on the state you live in. Either way, it is absolutely worth looking into. Medicaid is a federal and state program that provides low-cost or free health insurance to those who are eligible. Medicaid usually has very low to no premiums and copayments, and you can enroll in it year

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