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Avoid These Mistakes When Unemployed And Looking For Health Insurance

Avoid These Mistakes When Unemployed And Looking For Health Insurance

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Written by: Benavest

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ACA

June 23, 2021

Not having health insurance can be more costly than having it at times. So it is a good idea to have health insurance even when you are unemployed and not receiving benefits from an employer. However, there are things that you should not do. 

 

  • Do not automatically enroll in COBRA: COBRA coverage can be very expensive. COBRA is the law that allows you to continue your employer coverage after you have lost your job assuming that you pay for the premium instead of your employer. Do not completely rule out COBRA as an option but just know that it is normally very expensive.
  • Do not forget to review your ACA coverage options: Affordable Care Act plans are available at a much cheaper price than COBRA and if you just lost your job within 60 days. You qualify for a Special Enrollment Period. Normally, to enroll into an ACA plan you would have to wait for the Open Enrollment Period. But in the case of someone who has just lost their coverage due to a loss of employment ACA is here to help.
  • Don not overlook subsidies if you are eligible: Subsidies can save you plenty of money. Subsidies can be received in the form of savings on copayments, coinsurance, and deductibles. Subsidies may also be in the form of tax credits. Tax credits are reductions of the cost of your monthly premium that oftentimes leaves your premium costing less than $50 a month.
  • Don’t automatically go for the cheapest premium plan: Depending on your situation, you may want to buy into a purchase plan that costs more to save you more. If you have a pre-existing medical condition, or need to buy prescription medications often then a more expensive plan will cover those costs much better. 
  • Do not enroll in a catastrophic plan if you are eligible for subsidies: You do not want to do this because subsidies can not be used on catastrophic plans. Catastrophic plans are available to people under the age of 30 and those who qualify for hardship exemption. Catastrophic plans may seem to be a good idea at first because they have a low monthly premium, but they do not cover the costs of copayments and coinsurance as much if you become sick.
  • Do not go uninsured if you can avoid it: You do not want to go without health insurance because it could potentially be much worse if you get into an unforeseen accident. 

 

Reference: https://www.ehealthinsurance.com/

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