Losing a job usually means losing health coverage too. You have more time than you may think, and more options. Here they are, in the order most people should consider them.
1. Find out your last day of coverage
Ask HR for the exact date your employer coverage ends. Everything else is timed from that date. Many plans run through the end of the month.
2. Use your Special Enrollment Period
Losing job-based coverage is a qualifying life event. It opens a 60-day Special Enrollment Period to enroll in a Marketplace plan, and you can generally apply up to 60 days before coverage ends so the new plan starts without a gap.
3. Compare a Marketplace plan with COBRA
| COBRA | Marketplace plan | |
|---|---|---|
| Keeps your current plan and doctors | Yes | Depends on the network |
| Who pays the premium | You pay the full cost, plus up to 2% admin fee | You, minus any premium tax credit |
| Financial help available | No | Yes, based on your new household income |
| How long it lasts | Usually 18 months | As long as you keep paying |
Because a premium tax credit is based on your current income, a Marketplace plan is often more affordable after a job loss. COBRA can still make sense if you are mid-treatment and need to keep a specific network. An agent compares both with your actual numbers.
4. Check Medicaid or CHIP for the household
Depending on your state, income and household, some family members may qualify for Medicaid or the Children's Health Insurance Program. An agent can tell you where to look.
5. Report income changes later
If you find a new job or your income changes, report it to the Marketplace so your premium tax credit stays accurate.
Get it sorted in one call
A licensed Enroll America agent confirms your Special Enrollment window, runs your financial-help estimate, compares COBRA and Marketplace options side by side, and enrolls you on the call. No charge, in English or Spanish: (877) 479-6279.
Enroll America Inc is an independent licensed health insurance agency and is not affiliated with a government agency. Source: HealthCare.gov, U.S. Department of Labor.
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