When it comes to seeing a doctor, paying for prescriptions, and simply having peace of mind for your physical health, health insurance is a huge benefit. However, it’s not uncommon for people to lose their health insurance either. This can occur if you’ve experienced a loss of job or changed to a position that doesn’t offer insurance.
Chances are that you still want coverage. How exactly do you get individual health insurance? There are a few options to consider.
Sign Up for Cobra
This is a program that allows employees to extend their health insurance coverage if they’ve lost a job or quit. Most businesses with at least 20 employees offer coverage options through cobra so verify if you have this option. This is not a permanent solution but it will provide coverage temporarily until you find a long term solution.
Sign Up on the Affordable Care Act Site
If you’ve lost your job, you can sign up for insurance under the Affordable Care Act. This will be an option if you’ve lost coverage due to losing your job. You have up to 60 days to sign up for this insurance so make sure that you don’t delay. The good news about this option is that there may be multiple plans offered by your state. The pricing and coverage may vary so make sure to read through each one carefully and find one that meets your needs as well as your budget. As one of the more cost-effective options, this is a great one to get coverage. You can then change your plan if needed during the open enrollment period.
If you’ve experienced a significant decrease in income or have a low income in general without health insurance, you may qualify for Medicaid in some states. Each state has different rules and regulations regarding eligibility but 34 states have expanded their Medicaid coverage to include more low-income individuals. Review your annual income and check if you meet the requirements to apply for Medicaid. While not everyone will apply, you can often find that this is an inexpensive option.
Depending on your situation, you may find that all of these options are available to you. Having health insurance is important and you likely don’t want to go without good coverage. If you’re not sure of what to do after losing your insurance, one of these three options may be available to you at a reasonable cost.