Health Insurance Options After Job Loss

Being laid off from a job is stressful, especially if this means change to your health insurance. It's always best to try to get on your spouse's plan if they are employed. If this is not an option, there are other health insurance plans to consider.

1. Affordable Care Act - This policy will probably be less than COBRA (the Consolidated Omnibus Budget Reconciliation Act). If you do quality, you could receive financial assistance through a Health Insurance Premium Tax Credit. This does depend however on your income and your family. Assistance can be provided to help pay monthly premiums or you can receive it during tax time.

2. COBRA - As previously mentioned, this is an option that allows you to remain on your employer's health insurance plan after you are laid off. You must pay full price for the premiums and this coverage generally lasts 18 months. It is a more costly option so look into the other health insurance plans before deciding on this.

3. CHIP - Children's Health Insurance Program is a good option for your dependent children. Some states require a monthl premium to be paid and some have copayments. However, route doctor dental visits are no charge.

4. Medicaid - If your state has expanded Medicaid benefits, you might qualify for the income requirement. This option is for low income families to help receive a health care plan.

5. Private Insurance - Private insurance companies could provide individual policies. These could be an option if you do not plan on taking advantage of tax credits through the ACA.

Date Posted: 2017-06-15