U.S. Private Sector Job Quality Index estimates that some 37 million domestic jobs are vulnerable to layoffs. With 49% of Americans getting health insurance through their employer, a spike in unemployment could leave millions uninsured in the middle of a national health crisis.
For most Americans, there’s generally three paths to get health insurance if you’ve been recently let go from your job. Here’s a look at the options:
Marketplace Health Insurance
Check out your state’s health insurance marketplace options. Losing job-based health insurance coverage, even if you quit or get fired, qualifies you for a special enrollment period.
You have about two months, 60 days, after you lose coverage to enroll in a marketplace plan. Keep in mind that coverage may not start immediately. Marketplace plans go into effect the first day of the month after your job ends, so if you were laid off this week and you pick a Marketplace plan by the end of March, your coverage would start April 1.
COBRA
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a program that extends your current health insurance plan for up to 18 months after you lose your job.
From a coverage standpoint, nothing would really change if you opt into this health insurance, Horvath says. You’d continue on the same health plan as before, with the same benefits.
Medicaid
Depending on your situation and where you live, you may qualify for Medicaid. This is a program that provides health coverage for low-income families and children, pregnant women, the elderly and people with disabilities.
In some states, Medicaid is available for all adults under a certain income threshold, but you’ll need to check with your state. Healthcare.gov has a calculator where you can plug in your home state, family size and income level to use to see if you qualify.
Get Help from an Expert
Having someone work on your behalf, at no cost, can have major advantages. We can help you navigate in these difficult times. Losing your insurance, through your job, qualifies you for Special Enrollment. This way you can have lower premiums and still see your doctor.