Losing a job—and in turn, a paycheck—is never an easy situation to go through. And in many cases, the loss of a job may also mean the loss of your health insurance plan. Being that medical bills are a top reason for bankruptcy in America, it’s plain to see that finding another source of healthcare is a no brainer. But what are your options?
Remaining on your plan: In some cases, your employer may offer a severance package that includes an extension of your health insurance. Be sure to talk to the human resources department so you understand the details of any continued benefits.
COBRA: With the Consolidated Omnibus Budget Reconciliation Act, called COBRA, you can continue your health insurance plan through your employer. However, you’ll be responsible for the full premiums and coverage lasts only for 18 months.
Spouse’s plan: You may be able to enroll under your spouse’s health insurance plan. Have him or her check with HR to learn about the enrollment process and pricing.
Affordable Care Act: Under the ACA, you can find a healthcare plan using the exchange marketplace or the Massachusetts Health Connector.
Private insurance: Better yet, your independent insurance agent can help you find a private healthcare plan that meets the needs of your family.
Medicaid and/or CHIP: Without an income, you may qualify for certain welfare programs to help pay for medical expenses. Medicaid is designed to assist low-income individuals and families. The Children’s Health Insurance Program, or CHIP, provides coverage for kids and pregnant women.
Still have questions? Our skilled agents are happy to assist you in finding the most suitable healthcare policy for you and your loved ones.
Learn more today. Call Simpson Financial Group at (877) 727-7780 for more information on Boston health insurance.