Suffered a Recent Job Loss? Here are 4 Health Insurance Options

Filed under: Health Insurance

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Jonathan Nolan
JPN Insurance Services

The economic fallout from the Coronavirus pandemic has left millions of people without work. As unemployment numbers are rising, families are feeling the financial pressure to keep up with the bills. Not only are people missing their paychecks, but the lack of employment is also resulting in a loss of health insurance.

Where should you turn if you are out of work and need health insurance? Here are a few options you might consider:

  1. COBRA: If you want to maintain the same insurance plan, then COBRA might be a solution. But it is expensive to continue insurance coverage through your employer. Not only do you need to pay the full premium (part of which was previously paid by the employer), but an additional 2% is added in administration fees. COBRA registration must happen with 60 days and you have the option to continue this insurance coverage for up to 18 months.
  2. Family Members: Is your spouse working for a company that offers health insurance coverage? If you’ve lost your job and your spouse is still employed, then you might be able to join your spouse’s insurance plan. Unemployed workers under the age of 26 also have the option to join their parent’s plan. You have a 30-day enrollment period for both of these options.
  3. Medicaid: Depending on the overall household income, you might qualify for Medicaid coverage through the federal/state health insurance plan.
  4. Special Enrollment: Losing a job is considered a significant life event that triggers a 60-day Special Enrollment Period (SEP). You can sign up for a private insurance plan without the need to wait for open enrollment later in the year.

Remember: you only have a limited time to enroll in a new health insurance plan. It is important to start this process as soon as possible. Talking to an experienced insurance specialist is a great way to learn about your options. JPN Insurance Services is here to help. Contact us to schedule a consultation to discuss available insurance services for your family: (951) 443-9925.