January 10, 2024
Coming to terms with the loss of a job is stressful enough on its own. But when losing your job also results in the loss of your employer-provided health insurance, the effects can feel far more catastrophic. This is especially relevant for older individuals, those with families, and individuals with unique health concerns. Gaps in medical coverage can potentially result in disastrous financial consequences, only making matters worse when searching for a job or embarking on a new career.
Whether you were let go unexpectedly or made the decision to leave voluntarily, it’s important to consider all of the options that are available to you. Let’s review a few of the most popular options for those who need reliable healthcare and medical insurance after losing their job.
COBRA Health Insurance
By law, employees are allowed to remain enrolled in their former employer’s group health insurance plan for a period of up to 18 months. This allows you to continue paying the monthly premiums until the next open enrollment period, or until you find a new job that offers health benefits. But as many know, COBRA is not cheap. The employer is not required to contribute, so you’ll end up paying the full premium plus an admin fee. For many, though, it’s a reliable option to remain insured until you land a new job or enroll in a new company plan.
Special Enrollment Under the Affordable Care Act
Special Enrollment allows people who have experienced significant life changes to enroll in a new health insurance plan outside the official Open Enrollment period, which typically runs from November to January. One of the key qualifications is job loss, to ensure that those who’ve lost health insurance through their employer don’t have to wait months to enroll, or be limited to a COBRA coverage plan at higher premiums. A local health insurance agent can help streamline the process of buying health insurance under the Affordable Care Act's Special Enrollment.
Short-term Health Insurance
In many cases people leave their job because they’ve found something better, though they might not be eligible to enroll in the company’s employee health plan for a period of weeks or even months. In these and some other situations, choosing a short-term medical insurance plan can be a great option. The premiums are relatively inexpensive, however the coverage is quite basic by comparative standards. For many, though, it’s a far better alternative to going completely uninsured.
Medicaid and Health Insurance Subsidies
In situations where there is financial hardship after losing a job and the coinciding employer-provided health insurance, as well as certain geographic locations and other factors, many will qualify for Medicaid and government-sponsored healthcare subsidies. You can log on to the healthcare.gov website and use their online calculator to see if you qualify, or contact a local agent in your area for more personalized assistance.
Explore Health Insurance Options for Free with a Licensed Agent
If you’ve recently lost your job and the company-provided health insurance that came with it, rest assured that there are options. The experts here at Premier Financial Insurance in Lisle have been helping individuals and families for over 20 years, and there are no fees for our services. To learn more, explore your options or speak with one of our licensed staff agents right now, get in touch and we’ll do our very best to help.
Premier Financial Insurance is located at 3333 Warrenville Rd in Lisle, and offers free assistance online, over the phone or at our office in the Lisle/Naperville area. We can be reached by phone at 800-369-0287 or via email by writing to us through our secure, confidential contact page.