How to Get Health Insurance If You Lose Your Job

If you have recently lost your job or you hear rumors of downsizing at your place of employment, your first thought probably has to do with how you will keep up with your bills while seeking new employment. According to the Kaiser Family Foundation, about half of Americans, including nearly half of Nevadans, have health insurance through their employer.

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For those who have recently lost their jobs, there are several options that enable them to maintain health insurance coverage. Below are five health insurance options for the recently unemployed.

Health Insurance Options For Laid Off Workers

Depending on your former employer’s policies, you may be able to extend your current health insurance plan through the Consolidated Omnibus Budget Reconciliation Act, or COBRA. This option is cost-prohibitive for many. Check with your employer to find out the price of the Cobra. During your employment, your employer pays a significant portion of your monthly premium. If you choose the Cobra option after losing your job, you pay the full amount of your premium, along with a potential 2% administration fee.

Losing health insurance due to job loss is a qualifying life event that opens a Special Enrollment Period to choose a plan through the Silver State Health Insurance Exchange. During this time, you can select a comprehensive health insurance plan similar to the one that you have through your employer. You’ll only have 60 days from the date of your “Life Event” (losing group insurance coverage) to act, so it is important to act quickly to avoid being ineligible to enroll into a “qualified health plan”. These plans cover pre-existing conditions. This may be a very economical option, as you may qualify for a federal subsidy (financial help) to lower your monthly premium.

As the name suggests, short-term health insurance provides limited, temporary health insurance coverage until you are able to get major medical insurance during an “open enrollment” period. You can enroll into one of these plans at any time; no enrollment period is imposed. These plans are not for everyone, though. Unlike ACA-compliant plans on the Silver State Health Insurance Exchange, they do not have to cover essential benefits like preventative services, and they generally do not cover pre-existing conditions, and medicine coverage is very limited.

Catastrophic health plans are high-deductible, low-premium plans. They cover the same 10 essential benefits as Marketplace plans, but their high deductible means that you are paying most all of your own medical expenses until you’ve met the deductible which is very high.

Nevada Medicaid provides free or low-cost health coverage for those with limited income. There are no enrollment periods, meaning that if you qualify for coverage, you can sign up at any time. To qualify, you must meet residency and income guidelines.

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Finding the Right Policy with Nevada Insurance Enrollment

Losing your job can be scary but knowing your health insurance options can minimize your risk of facing massive medical expenses. A health insurance agent at Nevada Insurance Enrollment can help you compare plans and determine which one fits your needs and budget. Our agents are kind, knowledgeable, and no-cost to you for this help.

Related Articles:

Short Term Health Insurance in Las Vegas, Nevada

Nevada Health Link / Silver State Health Insurance Exchange

Medicaid Basics To Know

What Is A Special Enrollment Period (SEP)?


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