When you leave a job, you usually have to give up your health insurance. But what does that mean for you and your family? How do you find new coverage? There are a few different things to consider when changing jobs and health insurance. In this blog post, we’ll explore those options and help you figure out the best course of action for you and your family.
What to Do if You Have COBRA Coverage
If you’re leaving your job, you may be eligible for COBRA continuation coverage, which allows you to keep your health insurance for a limited time. Here’s what you need to know about COBRA coverage and how to sign up.
What is COBRA?
COBRA is a federal law that gives workers and their families the ability to continue their health insurance coverage after a job loss or other qualifying event. COBRA coverage is typically only available for 18-36 months, and it can be expensive (up to 102% of the cost of the premium). But it can be a good option if you need some time to transition to a new job with health insurance benefits.
How do I sign up for COBRA?
Your former employer should provide you with information on how to sign up for COBRA within 14 days of your qualifying event (job loss, termination, etc.). If they don’t, you can contact the Department of Labor’s Employee Benefits Security Administration at 1-866-444-3272.
When can I sign up for COBRA?
You have 60 days from your qualifying event to enroll in COBRA coverage. If you miss this deadline, you’ll have to wait until the next open enrollment period to get covered.
What to Do If You’re Eligible for a Special Enrollment Period
If you’re leaving your job, you may be eligible for a Special Enrollment Period (SEP) to enroll in a health insurance plan through the Marketplace.
If you have a life event that qualifies you for an SEP, you have up to 60 days before or after the event to enroll in a Marketplace plan. You can’t have had a gap in coverage of more than 63 days in the last year.
Here are some common life events that may qualify you for an SEP:
-Losing other health coverage (for example, quitting your job, getting divorced, or losing eligibility for Medicaid or CHIP)
-Turning 26 and losing coverage under a parent’s plan
-Moving to a new state
-Gaining citizenship
-Experiencing certain changes in income (for example, getting married or divorced, having a baby, or starting or stopping a job)
-Changes in household size (for example, adding or adopting a child)
If any of these events have happened to you recently, visit Healthcare.gov to see if you qualify for an SEP.
What to Do If You Don’t Have Health Insurance
If you don’t have health insurance, there are a few things you can do. You can purchase an individual health insurance plan, which may be more expensive than employer-sponsored health insurance, but it will still provide you with coverage. You can also look into short-term health insurance plans, which can provide you with coverage for a limited time, usually up to three months. Another option is to join a health care sharing ministry, which is a group of people who share their medical expenses. Finally, you can see if you qualify for any government programs like Medicaid or the Children’s Health Insurance Program (CHIP).
How to Choose the Right Health Insurance Plan for You
When you’re changing jobs, there are a few things to consider when it comes to your health insurance. Here’s how to choose the right health insurance plan for you:
1. Consider your needs. What type of coverage do you need? How much can you afford to pay in premiums?
2. Research your options. Compare plans from different providers to find the one that best meets your needs.
3. Enroll in a plan. Once you’ve found the right plan, enroll in it and start enjoying the peace of mind that comes with having quality health insurance coverage.
Conclusion
If you’re changing jobs, there are a few things you need to do to make sure your health insurance coverage comes with you. First, check with your new employer to see what kind of health insurance they offer. If it’s a good plan that will work for you and your family, great! If not, you’ll need to continue your current health insurance through COBRA. You can also shop around for individual health insurance plans on the marketplace. Be sure to compare costs and coverage before making a final decision.
