My Job Doesn’t Offer Health Insurance! What Should I Do?
It’s very important for people to have health insurance. Otherwise, if you don’t have it, you could end up paying thousands of dollars if you ever find yourself in an emergency room.
There are many people who are dependent on their employers for health insurance. But there are a lot of companies out there that do not offer health insurance to their employees. We also saw a lot of people who got laid off or who lost their jobs because of the coronavirus pandemic.
If you find yourself wondering “what should I do if my job doesn’t offer health insurance?” Then don’t panic. We are here to help you.
So keep on reading and we will walk you through what all of your different options are.
1. COBRA Health Insurance
If you used to get health insurance through your job but you no longer work there, then you may qualify to get insurance through COBRA (Consolidated Omnibus Budget Reconciliation Act).
If your employer offers health insurance to their employees, then they also offer COBRA. Basically, if you are eligible, you and your dependents get to stay on the exact same health insurance plan for several months while you look for new health insurance.
However, it is important to note that your employer will no longer be paying for your health insurance. You will now have to pay the full price of the insurance premiums.
You’ll still get to keep all of the benefits and the same network of doctors. You also won’t need to worry about anything like disabilities or preexisting conditions.
2. Marketplace Health Insurance
Anyone who is not incarcerated is a citizen of the United States, and lives in the United States can buy a healthcare marketplace health insurance plan.
This can be a great choice for people who are between jobs or who are stay-at-home parents.
You can usually apply for health insurance through your state’s health insurance marketplace during the open enrollment period every year. While the exact dates of the period tend to change from one year to another, the period tends to start in November and runs through the middle of December.
If you do not sign up for health insurance during open enrollment, then you might not be able to apply for regular health insurance coverage via the marketplace.
You will need to do your research to find the best option for insurance for you.
3. Your Spouse’s or Parent’s Health Insurance Plan
A lot of employers will allow a worker to add children and spouses to their health insurance plans. This can be a great choice for spouses who are between jobs, who stay at home as parents, or for children who don’t have jobs yet.
Even if an employer subsidizes coverage for the employee, they might not subsidize coverage for the dependents.
This means that it could cost a lot more to add a child or a spouse to the policy than just having the employee on the policy.
A child or spouse can be added during the plan’s yearly open enrollment period.
Also, if you lose your health coverage because of a qualifying event, then you might be able to get health insurance from your parents or your spouse during the year, as well.
Your parent or spouse can ask the employer’s HR department and see what insurance options are available. If you are trying to qualify for insurance via a qualifying event, then you want to move quickly.
A qualifying event might only let you make a change for thirty days. This can differ from marketplace health insurance.
4. Medicare
Medicare can be a great option for a lot of people. While the program is usually used for people who are retired, there are some other people who can be eligible as well.
You generally need to be at least 65 years older and have worked long enough to qualify for railroad retirement benefits or Social Security.
You can also get Medicare before age 65 if you have Lou Gehrig’s disease, permanent kidney failure, or are entitled to benefits for Social Security Disability for two years or more.
5. Medicaid
Medicaid is actually the biggest source of health coverage in the country. It is a low-cost or free health insurance option. Medicaid can cover people with disabilities, the elderly, parents, pregnant women, children, and families.
It should be pointed out that every state has its own rules and regulations when it comes to how Medicaid works in that specific state.
These rules usually include who qualifies and how. Your income usually needs to be below a certain level based on the size of your family.
You should look at your state’s Medicaid site to see if you qualify for coverage. If you do qualify, then your coverage can start immediately.
6. Off-Market Health Insurance Plans
You can apply for something like short-term health insurance whenever you want. There aren’t any qualifying events or open enrollment periods.
These plans usually cost less money than regular health insurance but they don’t offer the same coverage.
What Should I Do When My Job Doesn’t Offer Health Insurance?
Hopefully, after reading the above article, you now have an answer to the question, “what should I do when my job doesn’t offer health insurance?”
As we can see, there are a lot of options at your disposal. Now, you need to figure out how much you can budget for health insurance and which kinds you qualify for.
Are you looking for other helpful articles like this one? If so, then check out the rest of our site today for more!
