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Where to go if you lose your health insurance

About half of U.S. employees get their health insurance through their employers. With unemployment claims soaring, it stands to reason an unprecedented number of the U.S. workforce are losing their health insurance coverage.

This is especially unfortunate as the pandemic makes if even more important for employees to have health insurance. What to do? Where to go? Here are four options that may work for you, depending on your age, health and financial situation.

COBRA – Most employers with 20 or more full-time employees offer COBRA for former employees as well as spouses and dependent children covered under the employer plan. You typically have 60 days to sign up. The only disadvantage – COBRA is expensive as you’ll be paying the full premium, including the share your employer was paying for you.

ACA – Losing your employer-sponsored insurance is one of the qualifying events that allows you to sign up for an Affordable Care Act plan. You have 60 days of losing your job to sign up without having to wait for the annual open enrollment period at the end of the year. INSUREOUS can help you navigate and pick the best plan. Just call 904-295-8498 or click on the Individual Medical link in the header.

Medicaid – Unlike the ACA, which bases premiums and subsidies on a projected annual income basis, Medicaid eligibility is determined by monthly income. If you’ve been hit with a large decrease in your monthly income, you may be eligible for Medicaid. Check with the Florida Medicaid office here.

Other – If you’re over 65 and haven’t yet signed up for Medicare Part B because you were still working and still covered by your employer’s plan, now is the time to sign up for Part B. You may also want to check on your spouse’s or partner’s plan. If you have lost coverage, you qualify for a special open-enrollment period under your spouse’s plan.

To make sure you assess all your options and don’t lose your coverage, INSUREOUS agents are ready to help. Call 904-295-8498 or contact us.