Losing a job can be stressful, and worrying about your healthcare insurance is another burden. We’d like to help make it easier. The answer is: no, you won’t have to lose your health insurance. The good news is you have 60 days to consider your options!
Option 1: Individual or family health insurance plan
You can buy an individual or family health insurance plan, regardless of the reason you left your job. This change in your employment status makes you eligible for a special enrollment period. Your coverage can start the first day of the month after you lose insurance, but not the same day you lost your job-based insurance. Consider short-term policies that range from 30 to 88 days if your plan is to regain coverage through a new job. You may need to show proof that you lost insurance through your job.
Your income changes after you lose a job, which means you may be eligible for financial assistance. The types of assistance that are available include:
- A tax credit, also called an advanced premium tax credit (APTC), helps pay for all or part of your monthly bill (premium). Use our online tool to see if you may qualify.
- A discount (also called a cost-sharing reduction) helps pay your share of costs for your medical care, such as deductibles, coinsurance and copays. If you’re a member of a federally recognized tribe, you may qualify for additional cost-sharing benefits. See if you qualify for savings on the federal exchange website.
Option 2: Sign up for COBRA coverage
You may be able to keep the insurance you had through your former employer. It’s called COBRA continuation coverage, which is an acronym for a federal law (Consolidated Omnibus Budget Reconciliation Act) that may let you pay to stay on your employee health insurance for a limited time. You’ll pay the full monthly bill (premium) yourself, and perhaps a small administrative fee. Contact your former employer for information about your COBRA options.
Option 3: Coverage from your spouse or domestic partner’s employer
If your spouse or domestic partner’s insurance plan is open to family members, you may be able to join now that you no longer have insurance through your employer. You have 30 days from the time that your former employer stops paying for your insurance to enroll in your spouse or domestic partner’s plan.
Losing your health plan coverage makes you and your spouse or domestic partner eligible for a special enrollment period, which means they can make changes to their health plan even if your loss of coverage doesn’t occur during an open enrollment period. But be sure you’re eligible! And be aware that if you have this option, you won’t get savings on a Marketplace plan if you choose to go that route.
Understanding your options is the first step toward helping you make the best decision for your circumstances. Then, perhaps you’ll feel more confident to dive into discovering your next exciting employment move.
Let us join you on your journey to getting covered. Call or visit us. Ask questions. Choose your plan. Call 1-800-392-2583 or make an appointment at one of our ArkansasBlue stores.