Health Coverage Options if You’re Unemployed

Unemployment can make providing  health insurance for your family can be difficult. It’s important to examine your options to determine the best strategy for getting healthcare. Keep reading for health coverage options:

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COBRA Coverage

COBRA is a federal law which says that employers must provide continuing medical coverage for employees and their dependents after termination. The ex-employee is responsible for full premium payments. This plan will extend your health insurance for up to 36 months.

Medicaid and CHIP Programs

Medicaid offers coverage for low-income individuals and families, as well as people with disabilities. The Children’s Health Insurance Program offers coverage for children and pregnant women. This program is for those who don’t qualify for Medicaid, but don’t have enough income for private insurance.

Not sure if you qualify for Medicaid? Click here to find out.

Short-term Health Insurance

If you are between jobs, you can look for short-term coverage. Short-term coverage will cover you until you qualify for your new employer’s health plan. Also referred to as gap insurance, these policies are offered by private carriers. They may be obtained directly from the company, union membership, or an insurance broker.

Health Insurance Marketplace or ACA Insurance

You may qualify for a healthcare policy purchased directly from the Marketplace based on your household income. Premiums can be very affordable after subsidies, cost-sharing and other discounts. A job loss qualifies for special enrollment, but you need to act quickly or you may have to wait for the next open enrollment.

Being unemployed is a stressful situation for anyone. Strive to stay healthy and be prepared for new opportunities that are coming your way. 

If you’re looking for more information about Health Insurance plans, click here.