Options for Health Insurance After Quitting Your Job
Losing your job means not just a loss of income but also a loss of health insurance. Whether you have quit your job or got laid off due to the pandemic, losing a job-based health insurance plan can be a daunting prospect. However, you have a few options that can help you stay insured. This article outlines different health insurance options for people who have quit their jobs.
1. COBRA Insurance
COBRA is a federal program that lets you continue to purchase your old employer’s health insurance plan for up to 18 months. However, you may have to pay the full cost of the insurance on your own, which can be expensive. Plus, your employer may not offer COBRA coverage if they went out of business or hit hard.
2. Health Insurance Marketplace
The Health Insurance Marketplace is a government-run platform where you can compare and purchase health insurance plans. Open enrollment for 2021 runs from November 1, 2020, to December 15, 2020. You can qualify for subsidized plans or a tax credit that covers part of the premium. You can also shop for short-term coverage plans outside the Open Enrollment period.
3. Medicaid
Medicaid is a federal-run program that provides health insurance to low-income individuals. If your income falls below a certain threshold, you may be eligible for Medicaid coverage. Coverage and eligibility requirements vary by state, so it’s best to check with your state’s Medicaid agency.
4. Spouse’s Insurance
If your spouse or domestic partner had health insurance through their job, you may be eligible to join their plan. You can qualify for special enrollment in your spouse’s plan even outside the open enrollment period.
5. Freelance, Gig, or Self-Employed Work
If you are now self-employed, work as a freelancer, or in a gig economy job, you can purchase health insurance through a private health insurance marketplace. The cost of the plan depends on the number of employees in your business. You may qualify for a tax credit to help you pay your premium.
Conclusion
Losing a job can be stressful, but that doesn’t mean losing health insurance coverage as well. You can compare and purchase health insurance plans in the Health Insurance Marketplace, qualify for a special enrollment on your spouse’s insurance, or enroll for Medicaid. COBRA insurance and a private insurance marketplace are also viable options. Always remember to check your state’s requirements and plan coverage before finalizing a plan. Staying informed about your options will help you make the best decision for you and your family.
