I Lost My Coverage, Now What? (2024)

FAQs

I Lost My Coverage, Now What? ›

You may consider signing up for Medicaid or COBRA or using a special enrollment period under the Affordable Care Act (ACA). Another option after losing health insurance coverage is to purchase a short-term health insurance plan (provided that your state allows them).

COBRA coverage lets you pay to stay on your job-based health insurance for a limited time after your job ends (usually 18 months). You usually pay the full premium yourself, plus a small administrative fee. Contact your employer to learn about your COBRA options.

Cal-COBRA is a California Law that lets you keep your group health plan when your job ends or your hours are cut. It may also be available to people who have exhausted their Federal COBRA.

What happens if you miss your deadline. If you don't meet your deadline, we'll make a new determination of the insurance and savings you're eligible for. These results will be based on information from our data sources, not what you put on your application.

Yes, You Can Get COBRA Insurance After You Quit Your Job

To be eligible for COBRA, you need to have been a covered employee and must have had insurance coverage at the time of your employment termination.

If you lose your job, your health coverage usually ends on your last day of work or the last day of the month depending on your company's policy. That means if you quit or you're let go on March 6 then your health insurance will either end on March 6 or on March 31 in most cases.

“If you're close to meeting your deductible on your current insurance plan and you have high health care costs, it may be worth it to temporarily stay on your COBRA plan,” explains Donovan. The same holds true if you're far into your employer plan's year and have already met your deductible.

Some employers may subsidize or pay the entire cost of health coverage, including COBRA coverage, for terminating employees and their families as part of a severance agreement.

You have 60 days to enroll in COBRA once your employer-sponsored benefits end. Even if your enrollment is delayed, you will be covered by COBRA starting the day your prior coverage ended.

The seven COBRA qualifying events that allow individuals to maintain their employer-sponsored health insurance include termination of employment for reasons other than gross misconduct, reduction in the number of work hours, divorce or legal separation from the covered employee, the covered employee becoming entitled ...

What is the highest income to qualify for Obamacare? ›

If you miss open enrollment, you may find that you cannot enroll or make changes to your coverage until the following year. However, qualifying life events can trigger a special enrollment period that will allow for mid-year enrollments and plan changes.

Pay stub must include: Name of person must be on stub or other identifying information to link to the person (i.e., SSN). Pay stub must be issued within the last 45 days showing the gross amount (include tips, overtime, commission and bonus). A pay stub or check indicating only net amount is not acceptable.

COBRA coverage is not cheap.

Why? Because you're now responsible for paying your portion of your health insurance: The cost your employer contributed to your premium, in addition to the 2% service fee on the cost of your insurance.

If you have an employment-based insurance plan, coverage typically ends on your last day of work or the last day of the month in which you leave your job. You may be able to continue receiving coverage through your employer's health plan with COBRA for 18 months or longer, but this option is often costly.

Is there a grace period? The COBRA law allows for a 30-day grace period, after the premium due date, for paying or postmarking your premium. Please note, 30 days does NOT mean 31 days. There is no way to extend the deadline, even if you are out of town or forget to make your payment.

Voluntary Job Loss – Resigned, Quit or Retired

One opportunity you have: Losing your health care coverage when you leave your job is a qualifying life event that makes you eligible for a special enrollment period.

Not every employer has a waiting period, but many make employees wait up to 90 days before accessing health coverage. Fortunately, the government ensures the waiting period is no longer than that — 90 days is the maximum amount.

Yes, you can keep COBRA coverage even when your new employer offers health insurance. The decision to retain COBRA or opt for the new employer's plan depends on your personal circ*mstances, such as comparing benefits and costs. There's no federal mandate to cancel COBRA upon obtaining new job-based insurance.