Find Post-Coronavirus Coverage With Health Insurance Broker
The U.S. economy will feel the effects of the coronavirus for the next several months and beyond, with many individuals already feeling the sting in their own wallets. If you are one of 47 million Americans who are expected to lose their jobs—or you have already lost it—you’re likely worried about losing your health insurance, too. There are still some options, however, for securing insurance to cover your family’s healthcare needs, and a health insurance broker can help you explore them.
Continuing Coverage Through COBRA
For those who are laid off, or furloughed, COBRA is a program that allows you to continue receiving health coverage for up to 18 months under the same group plan that covered you as an employee. That’s assuming your company is large enough to include a health plan in its employee benefits, and also that the company is still in business. The drawback to accessing COBRA for continuing coverage, however, is that the cost of premiums falls entirely on the shoulders of the former employee. The business typically picks up the lion’s share of the premium for its employees, who no longer can expect this contribution once they’ve left the company. For many, that means paying four times as much or more in premiums than they paid while employed.
Affordable Care Act Benefits
Another option for the newly jobless is buying health insurance under the Affordable Care Act, otherwise known as Obamacare. You have 60 days from your last day at work to enroll; otherwise, you’ll have to wait until the open enrollment period. Get ready to do some research to find the right plan. Here are some tips to guide you in getting started.
Get Expert Help
Whether or not you have a head for figures, shopping for health insurance can be a complicated process. Reach out to the experts, such as Sackett & Associates Insurance Services, whenever you have questions. For more information on how we can help you weigh the benefits and choose the plan that’s right for you, request a quote here.