Remaining Insured After a Job Loss

Losing a job is traumatic enough without having to worry about replacing your insurance benefits. However, it’s important to know that your benefits can be salvaged, even if you aren’t hired by a new organization right away. Here are some affordable options to consider to ensure you maintain adequate coverage while you are unemployed.

  • COBRA—Depending on your employer, you may be eligible to elect to continue your employer’s health coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
  • Individual/private market coverage—You can purchase an individual or family policy from private insurance companies, but these policies may come at a high cost. 
  • Spousal coverage—If your spouse or domestic partner’s insurance plan is open to family members, you may be able to join now that you no longer have insurance through your employer.
  • Short-term health insurance—This coverage operates the same as individual/family coverage, but only for a specified amount of time to keep premiums low.
  • State-sponsored program coverage—There may be state laws that complement federal COBRA regulations or other consumer protection statutes and allow you to obtain coverage following a job loss.
  • Marketplace coverage—You can purchase this insurance through a private carrier or the Marketplace. Job loss is a life event that qualifies you to enroll in insurance through a special enrollment period.

Plan Ahead to Stay Covered

Be sure to keep other benefits—such as life and disability insurance—in mind when seeking out ways to remain insured after losing your job.

To avoid losing your life insurance coverage, purchase your own term life insurance policy that is portable from job to job. In addition, try to secure a disability insurance plan well in advance. If you have your own policy, you will never lose coverage as a result of a job loss.

For more lifestyle guidance and coverage solutions, contact us today.

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