How to Get Health Insurance Without a Job

If your company provides health insurance, you may be wondering how to obtain health insurance on your own if you lose your job. Fortunately, whether you recently lost your job or haven’t had a job for a while, there are several possibilities to take into account.

Here are four possible avenues for obtaining health insurance. They could assist you in finding coverage for the first time, replacing coverage you had via your job, or getting insurance for your child. After examining the features and advantages of each, you should be able to select the best health insurance plan for your needs.

How unemployed people can obtain health insurance

1. Examine COBRA

The Consolidated Omnibus Budget Reconciliation Act (COBRA), particularly if you were a fan of your employer’s health plan, maybe the quickest and most straightforward way for you to obtain health insurance if you have lost your job.

You can usually continue to get employer-sponsored health insurance under COBRA for a maximum of 18 months after your employment ends. One word of caution: COBRA coverage is only required if your previous employer employed 20 or more people.

A significant drawback? The cost of COBRA coverage may be high. This is because you bear the entire cost of the premium, including whatever percentage your former employer may have contributed. However, if you must maintain access to your present suppliers or have medical needs.

One common method to be eligible for COBRA is if you lose your health insurance due to a job loss. One more qualifying event is a decrease in working hours.

Your employer will issue you a COBRA Election Notice informing you of your right to choose COBRA continuation coverage if you qualify for it. After that, you have 60 days to choose continuing coverage, starting on the date of the COBRA notice or the loss of coverage date, whichever comes first.

2. Check to see whether you can sign up for a family member’s plan.

In the US, almost half of employees have health insurance provided by their employers.1. You may be eligible to enroll in their plan if your spouse or a family member is one of them. The premium contributions, employer policy, and any subsidies determine the price.

Have a loved one get in touch with their employer’s human resources department to find out if you are eligible for their employer-sponsored health insurance. If you’ve had a qualifying event, like getting married to that employee or quitting your work, you may be allowed to enroll in the plan during its annual enrollment period. You’re probably covered by your parent’s employer-sponsored plan if you’re younger than 26.

3. Examine the marketplace for ACA health insurance.

A marketplace for health insurance, also known as the exchange, was established by the Affordable Care Act (ACA) so that you could examine, contrast, and purchase health insurance policies for your family. Various solutions are available in the market at varying pricing, contingent on variables including family size, geography, income, and coverage.

You must be a US citizen or lawful permanent resident and reside in the US to use the ACA health insurance marketplace. Every year, from November 1 to January 15, there is open enrollment for ACA plans; however, the period may extend in your state. With a few exceptions, that is the only time of year you can sign up for a health insurance plan through the exchange.

You can be eligible to obtain coverage outside of open enrollment periods if you undergo a qualifying event, such as getting married or divorced, having a child, or losing health insurance. Visit HealthCare.gov to learn more about your options and assess your eligibility.

4. Examine possibilities for private insurance.

To learn more about enrolling in a health insurance plan, anyone can visit the website of the insurer or give them a call, but the aforementioned methods will probably be less expensive. Regular open enrollment periods apply to these carriers, but similar to the other options, you can enroll if you’ve experienced a qualifying life event.