Losing Job-Based Insurance
If you have or soon will lose your job-based insurance you have 2 primary options for health insurance coverage: a Marketplace plan or COBRA continuation coverage.
Option 1: Get an individual Marketplace Plan
If you leave your job for any reason and lose your job-based coverage, you can choose to buy coverage from the Marketplace. This is true even if you leave your job outside the Marketplace open enrollment period of October 1, 2013 to March 31, 2014.
By using the Marketplace, you’ll learn if you qualify for lower costs on your monthly premiums with private insurance. You could also qualify for lower out-of-pocket costs. Through the Marketplace you’ll also learn if you qualify for free or low-cost coverage from Medicaid or the Children’s Health Insurance Program (CHIP).
Based on financial factors, your employer may also elect to drop your group plan and send all their employees into the Marketplace to find coverage.
This allows you better plan options as well as a possibility to become eligible for substantial premium subsidies.
Option 2: Get COBRA coverage
You may also be able to keep your job-based plan through COBRA continuation coverage. COBRA is a federal law that may let you pay to keep you and your family on your employee health insurance for a LIMITED time (usually no more than 18 months) after your employment ends or you otherwise lose coverage.
If you buy COBRA, you won’t be able to get any of the lower costs on premiums and out-of pocket costs that people may get using the Marketplace. You’d also have to pay the full monthly premium, including any part of the premium that your employer had contributed plus up to a 2% admin fee.
If you would like additional answers to the most frequently asked questions please visit our FAQ link below.
Advantage of an Agent
What are your options when you need service or support during the course of your plan coverage? View our chart on the advantage of having an agent