Not only are scores of people losing their source of income, but many are now left without health insurance during one of the worst health crises modern America has faced.
1. Apply for COBRA continuation coverage
Named for the Consolidated Omnibus Budget Reconciliation Act of 1985, COBRA allows you to continue receiving the exact same health coverage you've been getting from your employer after leaving the company, as long as you're not covered by another plan elsewhere.
If you have left your job or had your hours reduced for reasons other than "gross misconduct," you're eligible to keep your health coverage for up to 18 months. While you'll retain coverage at group insurance rates, you'll have to pay both the employer and the employee's portion, plus an administrative fee. This can drive up the cost of coverage significantly, but it's worth considering if the alternative is no coverage at all.
Most private sector and state or local government employers with 20 or more employees offer COBRA. Many states have laws similar to COBRA that cover companies with less than 20 employees.
You have 60 days to elect to receive health coverage under COBRA after leaving your employer or having your hours reduced. If your plan also covered your spouse or dependents while you worked at the company, they would be covered under COBRA as well. To elect COBRA, contact the employer's benefits administrator or the insurance company directly.
2. Use the special open enrollment period
Established by the Affordable Care Act, the Health Insurance Marketplace is a resource available to most US citizens and can help narrow down private health insurance coverage options, and find out whether tax breaks or other subsidies are available.
The Marketplace's open enrollment period runs from November 1, 2020 to December 15, 2020. However, losing job-based coverage, getting married, or having a baby at any point during the year may qualify you for a special enrollment period .
Eleven states and Washington, DC, use their own health insurance marketplace and they have already opened up a special enrollment period for workers laid off due to the coronavirus, the New York Times reports . Two trade associations sent a letter to Congress urging that the federal government also open up a one-time special enrollment period that doesn't require qualification.
Notably, insurance offered through the Marketplace cannot deny any individual coverage, even for pre-existing conditions. According to Policygenius , these plans all minimally cover the 10 essential benefits mandated by the federal government, including emergency services and pregnancy and newborn care, plus any benefits required by your state of residence. Some also include dental coverage .
First you have to fill out an application with your estimated income for the year and information about your spouse and/or dependents (here's a handy checklist ). This will generate a list of the health plans available to you.
When comparing plans, you'll want to look at premium costs, per individual and per family deductibles, copayments, hospital costs, and coverage details, like whether extra costs are levied to visit out-of-network providers.
To get a sense of how much you could wind up paying in a worst-case scenario, a quick trick is to add up your total annual premium and the maximum out-of-pocket limit of your insurance choices, suggests Business Insider's healthcare editor Zachary Tracer.
3. Apply for Medicaid, if you qualify
Medicaid is the government's health insurance program for Americans who are low-income, have children, are pregnant, or are disabled. Depending on how you apply for Medicaid, the requirements to qualify can be complicated, and depend a lot on where you live.
Other states have different income limits and eligibility criteria. Find out if you qualify for Medicaid, or other income-based subsidies, at HealthCare.gov .
