Losing a job — and with it, benefits — can be stressful. Fortunately, if you lose job-based coverage, you still have options for health insurance coverage under the Affordable Care Act.
Your options may include applying for an individual Marketplace plan, or keeping your job-based plan for a limited time through COBRA continuation coverage.
Starting in January 2014, you may have to pay a fee if you do not have health care coverage that is considered minimum essential coverage.
How Can I Use the Marketplace?
If you leave your job for any reason, causing you to lose job-based coverage, you will be able to buy health care coverage through the Health Insurance Marketplace. This applies even if you leave your job outside of the open enrollment period.
Benefits of using the Marketplace include finding out if you qualify for:
- Lower costs on your monthly premiums on private insurance
- Lower out-of-pocket costs
- Free or low-cost coverage through Medicaid or the Children’s Health Insurance Program (CHIP)
What Is Cobra Coverage & How Does It Help Me?
COBRA continuation coverage may allow you to keep your job-based health insurance plan. COBRA, a federal law, may let you pay to keep your employee health insurance for a short time — usually 18 months — after your employment ends or you lose coverage for other reasons.
Please note that if you buy COBRA continuation coverage, you won’t be able to get the lower costs on premiums and out-of-pocket costs that you may qualify for on the Health Insurance Marketplace. In addition, you will have to pay the full monthly premium, including any part of the premium that your employer had paid.
Navigating Insurance in NC
Whether you’re losing job-based coverage or not, contact Independent Benefit Advisors for assistance understanding your health insurance options under the Affordable Care Act. We invite North Carolina residents to give us a call at (919) 303-9690 to learn more.
Businesses, families and individuals in Apex, Raleigh, Durham, Cary, Charlotte, Fuquay-Varina, Greensboro, Rocky Mount, Sanford, Wake Forest and other locations throughout North Carolina. choose Independent Benefit Advisors for help finding the right insurance plan for them under the Affordable Care Act.
