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What Should I Do About A Health Insurance Gap Between Jobs?

Marketplace Health Coverage

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Written by: Benavest

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ACA

November 2, 2020

If you are about to be caught in between jobs you may be worried about a gap in your health insurance coverage. Remember there is the Option of COBRA. COBRA allows you to continue your coverage that you had from your employer assuming that you will now accept covering the full premium of your health insurance.

 

COBRA eligibility

 

Losing Health insurance coverage because of a job loss will qualify you whether the loss of the job was voluntary or involuntary. You may also qualify for COBRA if you lost coverage because of a divorce, child’s loss of dependant status, reduction of hours, medical leave, and even a strike. You do not qualify however, if you lost your job due to gross misconduct. COBRA can be more expensive than insurance from the Marketplace so it is recommended that you check for (SEP) Special Enrollment Period in the Marketplace.

 

(SEP) Special Enrollment Period for Affordable Care Act insurance

 

After losing health insurance provided by an employer you qualify for SEP. You will be able to shop the Marketplace for an affordable plan of your choosing. SEP lasts for 60 days from the moment your employer provided insurance ends. 

 

You may also enroll in an ACA plan during Open Enrollment Period. This period begins on November 1 and ends on December 15. So if you just so happen to have lost your employer coverage around this time, you may enroll as well. 

 

It is possible that you qualify for Medicaid or CHIP as well. In these cases you can enroll for coverage at any time through the Marketplace.

 

Short term insurance

 

Another option that is generally not recommended, is to shop for short term insurance. Short term insurance is insurance that does not comply with the ACA regulations and therefore can be sold at any time. Because they do not comply with the ACA, they may turn down or increase the cost of your coverage if you’ve had a previous medical condition. Generally their prices are more expensive than ACA plans and do not provide nearly as much coverage.

 

For more information on insurance plans look here.

 

Source: Healthsherpa.com

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