When you have a job, you at least have the assurance that medical treatment costs won’t bore you down if you or your family member meets an accident. It will automatically get paid off via employer-sponsored medical insurance coverage. It is the most affordable and practical option for most Americans. But the wrath of COVID-19 has delayed the momentum of the economy.
What Are the Best Options for Unemployed If Not Permanent Health Insurance?
1. ACA Exchanges
If you are receiving unemployment benefits in 2021, you are eligible for free comprehensive health insurance plans. Even if you are not eligible, most of the reputed insurance companies on the Affordable Care Act Marketplace do not take into account your income to qualify for a highly valuable comprehensive insurance plan. So shop a suitable plan during the Special Enrolment Period.
By choosing an ACA Health insurance plan, you may be eligible for two types of subsidies.
- Premium Tax Credit – It lowers your monthly premium.
- Cost-sharing Reduction – It decreases your deductibles, coinsurance, and copayments.
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2. Free COBRA Coverage
This coverage is supplementary to the Consolidated Omnibus Budget Reconciliation Act (COBRA). It allows people to continue their workplace insurance plan if they can afford to pay. Most people drop it because it gets way more expensive. Now, the states are providing stimulus to cover the premiums through free COBRA coverage.
3. Medicare
To qualify for Medicare benefits, you have to be 65 or above. It is a long-term plan with various parts that explain the amount of coverage. The State is yet to make any decision about expansion of the coverage to special needs like hearing aid, dental, and vision care. More than half the adult population in the US is also favoring reducing the age limit so that more people can benefit.
4. Medicaid and CHIP (Children’s Health Insurance Program)
These health coverage plans are for individuals who fall below the state-determined poverty line. They are either free or have a minimum premium cost. It will depend on your household income. If your income is low, you have to check if you are eligible for Medicaid as the norms alter every year.
5. Family or Spouse Health Insurance
If any of your family members have purchased the family coverage plan, then you are already insured. The same applies to your spouse. If he or she has workplace insurance that covers the spouse too then you have insurance. Or you can purchase a cheap medical insurance plan for your family from the health exchange marketplace.
Do it now, not later
It is hard enough to lose your job, but you do not have to also lose your health insurance. Unexpected health problems can happen at any time, and having insurance protects you from having to pay a lot of money for them. Even small breaks in service can cause a lot of stress when it comes to money. Check out temporary health plans or short-term medical coverage if you are between jobs or not sure what to do next. Until you find a better long-term answer, these plans can give you basic safety. Also, do not forget that many states have free navigators who can help you understand your plans and compare them.
Do not wait at any cost. For you and your family, health insurance is more than just paperwork. It is safety, security, and peace of mind. Having insurance is one of the smartest things you can do, job or no job.
