If you have lost your marketplace coverage or did not enroll during the annual enrollment period, there are several options available to you throughout the year.
You May Qualify for a Special Enrollment Period (SEP): If you lost your Marketplace coverage because of a qualifying life event, such as losing your job or moving to a new state, you may be eligible for a Special Enrollment Period. This will allow you to enroll in a new Marketplace plan outside of the regular Open Enrollment Period. There is generally a 30–60-day period in which to enroll, depending on the SEP.
Enroll in Medicaid: Depending on your income and state of residence, you may be eligible for Medicaid, which provides low-cost or free healthcare coverage to eligible individuals and families. If you are declined enrollment or lose eligibility for Medicaid, you will have a SEP to enroll in a private or Marketplace plan.
COBRA coverage: If you lost your job and had employer-sponsored health coverage, you may be eligible for COBRA coverage. COBRA allows you to continue your employer-sponsored coverage for a limited period of time, usually up to 18 months, but you will be responsible for paying the full premium. If you are Medicare eligible COBRA is not considered credible coverage and you can face penalties for not enrolling in Medicare once you leave your job or coverage provided under your spouse.
Short-term health insurance: You may also consider purchasing a short-term health insurance plan. These plans are designed to provide temporary coverage for individuals who are unemployed or waiting for another type of coverage to begin. These plans have limited coverage and are not available in all states.
It's important to act quickly to find a new source of health insurance coverage, as going without coverage can be risky and may result in high medical bills if you require medical care. You can speak with a licensed insurance agent or broker to get more information about your coverage options and how the different types of plans work.
If you have questions about how to find the best Health Insurance coverage for you, we are here to help. Contact us for no-cost, no obligation personalized advice.