Out Of A Job? Don't Let That Keep You From Being Insured

Losing your job can be a difficult experience, especially when it comes to financial stability and security. One of the things that many people worry about is how to maintain their health insurance coverage. Fortunately, there are several options available that can help you stay covered, even if you're out of work. In this blog post, we will take a closer look at those options and provide some helpful tips and resources for those who need insurance coverage.

COBRA

If you have recently lost your job, you may be eligible for COBRA coverage. COBRA (Consolidated Omnibus Budget Reconciliation Act) is a federal law that allows you to continue your health insurance coverage for a limited period, usually up to 18 months. To be eligible for COBRA, you must have been previously enrolled in your employer's health insurance plan and meet certain other criteria. Keep in mind, however, that COBRA coverage can be expensive, as you will be responsible for paying the full premium, including your employer's portion.

Healthcare.gov

If you're out of work, you may qualify for a special enrollment period on Healthcare.gov. This is the marketplace where you can purchase health insurance coverage under the Affordable Care Act. You can apply for coverage online, by phone, or with in-person help from a trained professional. Depending on your income, you may be eligible for premium tax credits that can help make coverage more affordable. It's important to note that the enrollment period for healthcare.gov is limited, so be sure to check the deadlines for enrollment.

Medicaid

If you have a low income and meet certain other criteria, you may be eligible for Medicaid. This is a state-run program that provides health insurance coverage to eligible individuals and families. While eligibility requirements vary by state, Medicaid can provide comprehensive coverage at little or no cost to you. To find out if you're eligible for Medicaid, visit the Medicaid website for your state or contact your local Department of Health and Human Services office.

Medicare

If you're over the age of 65 or have a disability, you may be eligible for Medicare insurance. This federal health insurance program provides coverage for medical expenses such as doctor visits, hospital stays, and prescription drugs. If you were previously insured through your job, it's important to notify Medicare when your coverage ends so that they can help you enroll in a new plan.

Short-Term Health Insurance

If you are between jobs or have a gap in coverage, you may want to consider short-term health insurance. These plans can provide coverage for a limited period, such as six months or less. Short-term health insurance is typically less expensive than other forms of coverage, but it may not provide the same level of benefits. Be sure to carefully review the coverage and limitations of any short-term health insurance plan before you enroll.

Health Sharing Ministries

Another option for health insurance coverage is a health sharing ministry. These are faith-based organizations that provide health care cost-sharing arrangements for members. Members share in each other's medical bills and pay a monthly fee to participate. Health sharing ministries are not insurance companies and are not regulated by state insurance departments, so it's important to do your research and make an informed decision before you enroll.

If you're out of a job and worried about how to maintain your health insurance coverage, there are several options available to you. COBRA, healthcare.gov, Medicaid, short-term health insurance, and health sharing ministries are all viable options depending on your circumstances. Before you make a decision, be sure to carefully review the coverage and costs of each option to find the one that best meets your needs and budget. With a little research and planning, you can stay covered and protected during this difficult time.