Most employers tend to provide medical insurance for employees as added benefits. The widespread Coronavirus is challenging this setup more than any other time before. With several sectors affected, people are losing jobs in droves. Without the job, most people forfeit medical insurance as they cannot afford the premiums. The loss of the insurance plan does not come with any medical relief either. The only option is to look for the way out.
Here are some of the best options to consider after the loss of insurance;
COBRA
Losing your job does not mean that you have to let go of the medical insurance plan immediately. The laws provide for Consolidated Omnibus Budget Reconciliation Act (COBRA), which helps you keep the package as long as you can afford it. The plan is quite expensive. You not only have to cater to your payments but also that of the employer. Besides, you have to pay another 2% for administration costs.
The law allows this setup for up to 18 months, with possible extension in case of special considerations.
Use a Family Member’s Insurance Plan
Not everyone has lost their jobs over this period. Most are still operating from home or on essential services that come with medical insurance schemes. You are in luck if you have a family member with such a program. Most of the health schemes allow for the inclusion of family members. Take advantage of this plan, more so if you are below 26 years old.
Use Medicaid
Medicaid is the most popular medical service option for those who cannot afford medical insurance. Already adopted in most states, Medicaid allows you to receive comprehensive medical care without having to pay a lot.
Lookup if you qualify for the program before applying as various states provide for different qualification requirements.
Shop for Affordable Insurance from the Marketplace
The other option for those who lose their health insurance plans but don’t qualify for Medicaid is to look for the affordable insurance act marketplaces. These allow for reduced premiums for those who fall within the poverty levels.
Apply for the relief within 60 days of losing the cover. You also have to prove that the loss of insurance is directly due to the loss of a job. Provide vital documents like a letter from the employer.
Talk to your Former Employer
Even though a loss of the paycheck should mean a stop to medical insurance, some employers are willing to support you, albeit for a short period after the termination. Talk to your employer to determine if they are ready to keep the medical insurance active. Remember, you still have to pay your part of the contributions.
Bottom Line
Medical insurance is a must if you are looking for the best medical care. While a loss of job in most cases means stalled medical insurance, you have several options to handle it. Consider the COBRA plan if you can afford, go for Medicaid, or shop for programs from the affordable insurance act marketplaces.
