2020 has been a year of uncertainties. Millions of Americans have gotten sick, lost their jobs, and experienced the ongoing ramifications of a global pandemic.
For many, loss of employment and income is affecting their access to health coverage. At this point, nearly 27 million people in the U.S. have lost employer-sponsored insurance due to rampant job losses brought on by the COVID-19 pandemic.
With the growing uncertainties, you may be wondering how you will continue to pay for health insurance and what the upcoming months will look like.
What Are Insurance Companies Doing For You Right Now?
The recent months have witnessed a number of changes in the insurance field. Thankfully, many health insurance companies are expanding coverage and offering more access to services.
Several states have allowed individuals and small businesses to defer payment of their insurance premiums for a certain amount of time. The Coronavirus Aid, Relief and Economic Security Act signed into law on March 27 is expected to help businesses support their employees as they figure out new ways to pay for insurance.
However, insurance companies are fully expecting more policy cancellations due to the increased rates of unemployment. These results will continue to impact the healthcare system as more and more Americans find themselves suddenly uninsured.
What Are My Health Insurance Options When Unemployed?
If you are uninsured due to recent unemployment, you do have options.
Medicaid eligibility is loosely based on income, age, disability, pregnancy, household size, and the applicant’s household role. If you make less than 133% of the federal poverty line, you are more likely to automatically qualify for Medicaid.
If you qualify, Medicaid is a good option for getting the health coverage you need.
The Consolidated Omnibus Budget Reconciliation Act, or COBRA, lets you continue the same health insurance coverage you had under your employer. Unfortunately, you will be responsible for the costs covered by your workplace. Most people using COBRA will be able to retain their coverage for up to 18 to 36 months.
COBRA is a great option for some people—it allows you stick with the same health insurance company you’re familiar with. However, for many families, COBRA is simply too expensive.
If you don’t qualify for Medicaid or can’t afford COBRA, maybe it’s time to consider the Affordable Care Act marketplaces.
On The Health Insurance Marketplace, you can compare health insurance plans, get answers to questions about eligibility, and enroll in a health insurance plan that fits your needs.
By utilizing marketplaces, you can also find out if you’re eligible for programs like Medicaid or the Children’s Health Insurance Program (CHIP).
Don’t Give Up On Finding The Right Health Insurance For You
The United States and the world at large are experiencing a very unprecedented moment in time. In the midst of a pandemic, health insurance is a very important asset.
Health insurance is your ticket to health care in the United States. Your options may be limited, but it’s a good idea to keep pursuing those options and find one that works for you.
Get The Support You Need And Can Depend On
In these difficult times, it’s important to have an agent that can help you find the best plan for the most efficient price.
If you live in or near Kosciusko County and have recently lost your health insurance due to COVID-19, set up a time to meet with insurance agent, Michael Suhany. Michael is fully equipped to advise you in your next steps and answer all your questions about where to turn next.