Is it possible to get health insurance coverage when laid off?

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Health insurance is an important formality that provides enough coverage for the medical expenses and helps you to be financially prepared for medical emergencies. There are numerous policies and coverage options that insurance companies offer to their clients. Many employers also provide special health insurance coverage for their employees. In that case, until you’ve a job, your employer is responsible to some extent for your insurance coverage. However, things may change in case you lose your job.

laid-off4 Tips to receive health insurance benefits even after losing your job

People often feel confused, whether or not, they are entitled to receive the health insurance benefits from their employer even after losing job. Following are some essential tips that will help to deal with a situation like this:

  1. Gather knowledge about the COBRA: Consolidated Omnibus Budget Reconciliation Act or the COBRA makes it easier for employers to continue the coverage of health insurance for a laid off employee. Not only the laid off employee but the dependents of the employee are also eligible to get medical coverage due to this federal law. As a laid off employee, you’re allowed by the law to pay for the health insurance for a limited period of time (generally 18 months after your employment ends). So, you should start with researching about the COBRA. You can visit your local unemployment office to know more about the COBRA.
  2. Check out whether your employer qualifies for the COBRA or not: As per the regulations, a company may qualify for the COBRA if it has the employee size of 18 or more than that. So, you need to check out first, whether the company you’re working in, qualifies for the COBRA or not.
  3. Talk to your ex-employer about the coverage plan: In case your employer qualifies for the COBRA, you can easily take advantage of the act. You need to talk to your ex-employer and inform him that you would like to continue the health insurance coverage that you got when you were still employed. You’ll have to complete some essential forms for the insurance coverage. Apart from completing the official formalities, you’ll have to be ready to pay separately per month for the coverage.
  4. Inquire about the time-frame of the health insurance: As per the regulations of COBRA, you can extend the insurance coverage up to 18 months from the date when you got laid off. Under the provisions of the act, you can be unemployed or join in any other company while managing the group insurance policy of your ex-employee.

All these 4 tips will help only when your previous employer qualifies for the COBRA. It’s also important to know that the COBRA continuation coverage won’t lower the cost of premiums. In case your employer doesn’t qualify for the COBRA, you may have to look for some other effective option. Then, you’ll have to opt for an individual health insurance plan. Your ex-employer won’t be able to help in any way to provide you with the health insurance coverage. You’ll have to contact an insurance agent to get the details about a new coverage plan. You can also consider a Marketplace plan. With the help of a Marketplace plan you can qualify for the low-cost insurance coverage from Medicaid or the Children’s Health Insurance Program. It’s essential to accumulate all the information before taking the right step. For more information and discussion on this you can visit this page.