If you’re like most other people currently working in the U.S., then your health care coverage likely comes from your employee benefit package. Indeed, the Bureau of Labor Statistics estimates that 87 percent of private industry employees have access to health care coverage, while that number increases 99 percent for government workers. The Affordable Care Act that went into effect in 2014 requires that qualifying employers offer their full-time employees health insurance coverage. If you work for such an employer, you likely enjoy this benefit. Yet what happens if your employment status changes to part-time?
Any number of factors can influence your move from being a full- to a part-time employee. Your hours may be cut back by your employer, or you may choose on your own to scale back. Under the new law, you’re still considered to be full-time if you work 30 hours per week or average at least 130 work hours per month for a period of at least 120 days in a year. If your work week drops below that mark, then the protections provided for your employee benefits under the Affordable Care Act depend on why that happened.
Why Did Your Plan Participation End?
If your employer cancels your plan participation due to a mandatory reduction in your hours, then a 60-day special enrollment plan is triggered during which you can go to the Health Insurance Marketplace to buy your own coverage. Your group health plan coverage will extended during this period to account for the changeover. If, however, you choose to end your plan membership on your own, you’re not entitled to this enrollment period.
Any modifications required due to changes in your health insurance coverage or benefit status can be intimidating to deal with. Fortunately, you’re not without resources to turn to when adapting to such changes. You can contact us here at Sackett & Associates Insurance Services for help in understanding the new rules mandated by the Affordable Care Act. Updates on how new legislation is changing the insurance market can be accessed by liking us on Facebook or subscribing to our blog.