losing employment can be a very scary thing even more so if you're relying upon that employment for health insurance if you're panicking don't worry there may be options that can help provide you with adequate coverage either short or long term.
Hi my name is sarah and i'm here today with eye health brokers to discuss what to do if you've lost your health insurance through employment losing employment can be nerve-wracking enough without having to worry about health insurance if you suddenly find yourself without.
Health insurance due to a change in employment you can pursue one of the following options you can attempt to join a family member's plan you can opt for cobra you can attempt to enroll in medicaid you can purchase a health insurance plan through the marketplace.
Either during the open enrollment period or during your special enrollment period or you can purchase short-term health insurance like i said there are many options but a lot of these options do come with a time limit so it is important to move quickly of course you don't want to end up roped into a plan with either inadequate.
Coverage or one that's simply too expensive so for this reason we really do recommend working with a licensed broker i know at this time you're extra concerned about finances but there is no charge for working with a broker that's a common misconception so working with a broker is free of.
Charge and they'll save you quite a bit of a headache if you'd like us to help you can reach us at 888-410-0344 at eye health brokers we are licensed in all 50 states so no matter where you are we can help all right let's get back to the topic at hand joining a family member's plan is.
Certainly one of the easiest options generally speaking you're able to enroll in your employer's plan at the initial time of higher during the annual enrollment period or after a qualifying life event now these would be things like marriage divorce birth of a child etc if you're interested in joining a family.
Member's plan you need to do so within a certain time so it's very important that you check with their hr department additionally if you're under 26 you may be able to rejoin a parent's plan that being said even though it is usually the easiest option it may not be the best financial option.
So it's very important that you check with your family's plan you've probably heard the term cobra bandied about quite a bit but you may be unsure exactly what it is or even if you're eligible we're going to touch upon cobra today in this video but if you want a deeper dive make sure to check out our video that's.
All about cobra so if you've been enrolled in health insurance with your employer you're probably familiar with the group health insurance plan now what this means is that your employer must contribute at least 50 towards your monthly premiums leaving you to pay the remainder.
And that's usually withdrawn directly from your paycheck with cobra you're responsible for your portion and your employer's portion plus a two percent administrative fee so this can be a financial hardship for many however it does allow you to keep the exact same.
Coverage with absolutely no change which is great for your peace of mind generally speaking you are eligible for cobra for up to 18 or even 36 months dependent upon your personal circumstances you can cancel cobra at any time but that cancellation of health insurance does not qualify you for a special.
Enrollment period if you're looking to pursue health insurance elsewhere however if your employer goes out of business and is no longer offering health insurance to any of its employees that would cancel your cobra coverage and make you eligible for a special.
Enrollment period if by loss of employment and therefore a loss of income your income drops below a certain level you may be eligible for medicaid medicaid helps provide excellent coverage with either a very low cost or no cost whatsoever.
Qualifications are determined by the federal poverty guide household size and the state that you live in it also may be an option to pursue if you're pregnant and currently below a certain income level additionally there's the chip program which is designed to help provide health.
Insurance and dental insurance for children up to 19 years old for more information about these programs you're going to want to check out healthcare.gov that's healthcare.gov or call one of the numbers on the screen for many medicaid really is the only option.
And even if you don't meet those certain income criteria you can still apply and if by any chance you are denied medicaid that qualifies you for a special enrollment period which enables you to pursue other options.
If by loss of employment you lose your health insurance you'll be eligible for a special enrollment period at this point you can enroll in insurance through the marketplace and that's part of the affordable care act for these options you're going to want to log onto healthcare.gov that's healthcare.gov there you will.
Find many many many different options to choose from however you only have 60 days to do so because there are many options we recommend working with a broker to help take away some of that headache if you'd like help you can reach us at 888-410-0344.
Or just leave a comment below and we'll do our best to help also if you want to learn all about the affordable care act in the marketplace check out our other video dedicated entirely to that now here are some important things to remember about marketplace insurance one like i said if you're in that.
Special enrollment period you only have 60 days from the qualifying life event otherwise you're gonna have to wait until the annual enrollment period two you may qualify for a tax subsidy which is great that'll lower the price of your insurance premiums however this is basically a tax credit.
Up front so if you end up making more money than anticipated and your income rises above a certain level you're going to have to pay that tax credit back when you do your taxes additionally many carriers offer plans like this off the marketplace.
So that's even more options to consider and for this reason we recommend contact a broker save yourself the headache the final option we're going to discuss today is short-term health insurance now these plans are not offered in all states and they're not available to all people.
For example if you have certain pre-existing conditions you may be ineligible for a short-term health insurance however most states offer them for up to three years and they have national ppo coverage which is great also short-term health insurance plans.
Really have evolved from years prior many offer things like preventative services doctor visit co-pays prescription drug coverage and more and even though many plans don't offer coverage for pre-existing conditions if you enroll in a multi-year plan you may be ineligible for coverage for that pre-existing condition in the first year.
But after the second year you will have coverage for your pre-existing condition so there really are a lot of options and it takes a lot of research to make sure that you're getting the right plan i hope today's video has been helpful if there's any way that we can help please give us a call at 888-410-0344 or just leave us a comment below.
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