How to Keep Health Insurance If You Lose Your Job

Have you been considering a career change? Did you just learn your employment is ending? Many of us get our health insurance from our employers. What do you need to know when a change happens?

Continue with your current coverage via COBRA.

Based on your employer’s size, continuation coverage through your current group plan may be an option. Your cost will change because you will be responsible for the entire portion of your coverage. This can be the smarter route if you have paid toward your deductible or maximum out of pocket and want to keep your existing doctors.

Consider purchasing your own individual or family policy.

When you know your coverage will be ending, begin looking at options. Apply before your coverage ends to ensure no lapse in coverage. Go online and review options through your state marketplace or exchange. You may qualify for a subsidy based on income. Even if you do not qualify for subsidy assistance, an individual or family plan may be less expensive.

Is Medicare in your future?

If you are eligible for Medicare soon, you will have the opportunity to leave your COBRA or individual plan when your Medicare is effective. Even if you are years away, you will not be left uninsured. All plans are month to month and have open enrollment periods to make changes each year.

Call or email us if your job is changing, and we can help you navigate what works best for you.