In the wake of the COVID-19 pandemic, millions of Americans lost their jobs and many of them remain out of work. Due to this, many of those people lost their health coverage entirely or temporarily lost their health coverage during the pandemic.
Steps To Take If You’ve Lost Coverage
If you have been recently laid off or furloughed, it is important to take steps to make sure you are not left uncovered for long.
- Step 1: Find out exactly when your coverage ends. Coverage could be terminated immediately, go to the end of the month, or furloughed employees may keep coverage while not working.
- Step 2: Figure out your options for continuing coverage if available.
- Step 3: Find new coverage.
Finding out when you need to acquire new coverage is crucial for having the most options available when you need to replace lost health coverage, as several of the options for replacing coverage are time-sensitive.
Finding New Health Coverage
People who lost employer-sponsored coverage have several options for replacing that coverage:
- COBRA: This allows people who worked for companies with over 20 employees to pay to continue their workplace insurance for a specified time period. This option is often very expensive because the former employee is now covering the entire policy.
- ACA Marketplace: Losing employer coverage means you are eligible for a special enrollment period (SEP) through the ACA Marketplace. If you meet the income requirement these plans could also be subsidized to make them more affordable.
- Medicaid/Medicare: If you qualify for either (or both) program you can get onto them during their enrollment periods to replace your lost coverage with Medicaid being for low-income families and Medicare being for Americans over 65.
It is critical to regain lost health coverage as soon as possible now more than ever before. Not only because of COVID-19 itself but also because interruptions in coverage can cause complications when it comes to patients with chronic illnesses that need to be treated. Talking to an agent can help make the transition to a new health plan much easier.
Empower wants to help you get the best insurance for your needs and the most for your money. We want to help you stay on top of your health.
Give us a call at (844) 410-1320.
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