Losing a job or deciding to leave one can be tough, especially if you have relied on healthcare coverage through your employer. Not sure where to turn next? Don’t worry, our Inside Track has the information you need on finding coverage during this transition.
COBRA Coverage
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows you to continue your employer-sponsored health insurance for a limited time after leaving your job. This can be a great option if you want to maintain the same coverage you had while employed. However, it’s important to note that you will be responsible for paying the full premium, which can be quite expensive.
Tip: Check if you’re eligible for COBRA within 60 days after losing or leaving your job.
Marketplace Insurance
Another option is to get an Affordable Care Act (ACA) health plan through the Health Insurance Marketplace, a government-run website where you can compare different health plans. It offers a variety of plans that you can purchase independently. Depending on your income, you may qualify for subsidies that can make these plans more affordable. The Marketplace is a good option if you need a new plan or if COBRA coverage is too costly.
Arkansas Blue Cross and Blue Shield offers several “metallic” health plans – that fit into four increasing levels of cost and coverage: bronze, silver, gold and platinum – through the Health Insurance Marketplace. Health plans are also available on the Marketplace through Health Advantage and Octave Blue Cross and Blue Shield, two of our other brands. If you have questions, feel free to call us at 800-392-2583 or visit one of our ArkansasBlue Welcome Centers.
Medicaid
If your income is significantly reduced, you may qualify for Medicaid, a state and federal program that provides health coverage to low-income individuals and families. Each state has different eligibility requirements, so it’s important to check with your state’s Medicaid program to see if you qualify.
Special Enrollment Periods
Most people enrolling in individual and family health plans have to wait until the end of the year, during the Open Enrollment Period (OEP) to change their coverage, but losing your group health coverage is considered a qualifying life event (QLE). This means you have a certain amount of time, called a special enrollment period (SEP), to decide how to get the best coverage for yourself and your family. Typically, the SEP time frame starts 60 days prior to the date of the qualifying life event and ends 60 days after the date of the event.
Over Age 65?
If you are age 65 or older and not already on Medicare, you may need to enroll. Medicare’s SEP lasts for 8 months, starting the month after your prior coverage ends (whichever occurs first). You can learn more in this article from the National Council on Aging.
Finding the Right Plan
When you’re looking for health insurance, keep these tips in mind:
- Read the details. Make sure to compare different plans and understand what is covered and what is not.
- Check the costs. Look beyond the monthly premium; also consider deductibles, copays and out-of-pocket maximums.
- Check your providers and prescriptions. Look at the health plan’s network to ensure your doctors and hospitals are in-network. You should also check their list of covered prescriptions, called a formulary, to ensure the medications you take are covered.
- Don’t rush, but don’t procrastinate. You typically have time to make a decision, but don’t put off learning as much as you can about your options.
Overwhelmed? We Can Help
We know deciding on health coverage after losing or leaving a job can be overwhelming, but we can give you the InsideTrack to a plan that fits your needs. To learn about your options, you can speak with our team by calling 800-392-2583, shopping online at arkbluecross.com or scheduling an appointment at your nearest ArkansasBlue Welcome Center. Our health insurance experts can explain how insurance works and help you get the Inside Track on the best health plan for yourself and your family.