If you are now unemployed due to the Coronavirus, it’s understandable that not only are you concerned about finances, you may also be wondering – What about my health insurance?
During this pandemic, it’s normal to want to make sure you don’t go without health insurance. Please know that whether you have health insurance coverage or not, testing for Covid-19 is available at no cost to you.
If you have lost coverage, options are available to you and your family. Those options include:
- Cobra
- Government Health Insurance Marketplace
- Private Health Insurance
- Medicaid
- Short Term Plans
Cobra allows you to keep your current health plan that you had with your employer for up to 18 months and in some cases, up to 36 months if you qualify. The disadvantage of this is always the cost. It will be more expensive than what you currently pay. Employers normally pay a percentage of your premium and then you pay the rest through payroll. Once you go on Cobra, this isn’t the case and you end up paying the full cost. Especially in light of everything going on in the world right now, there is a high probability that you may not be able to afford this option.
The next option is a Government Health Insurance Marketplace plan. Because you have lost coverage, you are eligible for a special enrollment period of up to 60 days after losing your coverage to enroll into a government plan and/or a private plan. With a Government Health Plan, you can enroll through a website such as Healthcare.gov.
You may qualify for a subsidy (can otherwise be known as a discount) which will allow your health insurance to be less expensive. This all depends on income, but it’s an option worth exploring to make sure you stay covered. If you don’t qualify for a subsidy, you can purchase insurance directly through the insurance company.
Because we aren’t currently in an Open Enrollment Period, you will most likely have to prove that you have lost coverage through your employer so that you can take advantage of the Special Enrollment Period.
Medicaid is also available to give aid to your family based on the size of your family and income. If you apply for a healthcare plan through your state or federal marketplace, you may get a letter letting you know that you may qualify for Medicaid. Your state would then let you know if you were eligible. This option could result in lower monthly premiums, co-payments, and deductibles. The assistance would all be based on what you qualify for.
Short Term Plans are also an option. Although these are not insurance plans that are approved under the Affordable Care Act, it is some coverage to help you get through these difficult times. Short Term Plans are allowed to ask you medical questions which can take away your eligibility. Some Short Term Plans do have pre-existing coverage after a specific period of time.
Government and Private Health plans aren’t allowed to do this so if you do have a pre-existing condition, a Short Term plan would not be your best choice.
We know that these times are stressful for you.
We know that making these difficult decisions maybe keeping you awake at night.
Balanced Care can walk you through the maze of your options. We aren’t meeting one on one at the present time, however, this can all be done over the phone and/or through the internet.
We encourage you to reach out to your human resources department. Doing this will allow you to know what your current health plan will cost if you go on Cobra and what your deductible is.
When we talk, we will look at every option available and then let you see apples to apples the cost of each.
During these uncertain times, you can be certain that Balanced Care is here to help. It doesn’t cost anything to reach out, ask questions, and know the details of each plan.
We often hear from clients that they couldn’t have figured out their options without our help.
We would be honored to help you through this difficult time.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurancCare is to “Insure Security and Peace of Mind One Family at a Time”.