Unemployed Health Insurance: 4,000,000 Americans Need to Know

Losing a job can be a stressful experience, and one of the biggest concerns for many people is how they will continue to afford health insurance. According to the Kaiser Family Foundation, over 4,000,000 Americans lost their employer-sponsored health insurance in 2020. If you are one of these people, there are a few options available to you.

1. COBRA

COBRA (the Consolidated Omnibus Budget Reconciliation Act) allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. However, you will need to pay the full cost of the premiums, which can be expensive.

2. Marketplace plans

The Affordable Care Act (ACA) created health insurance marketplaces, where you can shop for and purchase health insurance plans. You may be eligible for a subsidy to help you pay for your premiums.

3. Medicaid

Medicaid is a government health insurance program for low-income individuals and families. If you meet the eligibility requirements, you may be able to get Medicaid coverage.

4. CHIP

CHIP (the Children's Health Insurance Program) provides health insurance coverage to children from low-income families. If you have children, you may be able to get CHIP coverage for them.

Which option is right for you?

The best option for you will depend on your specific circumstances. Here are a few things to consider:

• Your budget: COBRA can be expensive, so it is important to make sure that you can afford the premiums. Marketplace plans and Medicaid are more affordable options, but they may not offer the same level of coverage as COBRA.
• Your health needs: If you have a chronic health condition, you may need to make sure that your health insurance plan covers your necessary care.
• Your family size: If you have a family, you will need to make sure that your health insurance plan covers all of your family members.

How to apply for unemployed health insurance

Once you have decided which option is right for you, you can apply for coverage. Here are the steps for each option:

• COBRA: You can apply for COBRA coverage through your former employer. You will need to provide them with proof of your job loss.
• Marketplace plans: You can apply for Marketplace plans through the HealthCare.gov website. You will need to provide information about your income, family size, and health status.
• Medicaid: You can apply for Medicaid through your state's Medicaid agency. You will need to provide information about your income, family size, and assets.
• CHIP: You can apply for CHIP through your state's CHIP agency. You will need to provide information about your income, family size, and children's health status.

What to do if you are denied coverage

If you are denied coverage for any of these options, you may be able to appeal the decision. You should contact the insurance company or government agency that denied your coverage to learn more about the appeals process.

Conclusion

Losing your job can be a stressful experience, but it is important to remember that you have options for continuing your health insurance coverage. By exploring the options available to you and taking the steps to apply for coverage, you can ensure that you and your family have the health insurance protection you need.

FAQs

• How long can I stay on COBRA? You can stay on COBRA for up to 18 months after you lose your job.
• How much does COBRA cost? The cost of COBRA will vary depending on your plan, but you will typically need to pay the full cost of the premiums.
• What are Marketplace plans? Marketplace plans are health insurance plans that are sold through the HealthCare.gov website. You may be eligible for a subsidy to help you pay for your premiums.
• Who is eligible for Medicaid? Medicaid is a government health insurance program for low-income individuals and families.
• Who is eligible for CHIP? CHIP is a government health insurance program for children from low-income families.
• How do I apply for COBRA? You can apply for COBRA coverage through your former employer.
• How do I apply for Marketplace plans? You can apply for Marketplace plans through the HealthCare.gov website.
• How do I apply for Medicaid? You can apply for Medicaid through your state's Medicaid agency.