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Job loss doesn’t look the same for everyone. For some, it may be a painful experience. Others see it as an opportunity for change. Either way, you lose your health insurance coverage.F76 There are basically two kinds of job loss: involuntary and voluntary.
Losing your health care coverage when you leave your job is a qualifying life event that opens a special enrollment period, and that may be a real opportunity for you. Now you can buy your own individual health insurance plan that:
However, the clock is ticking! You have 60 days before and 60 days after the date you involuntarily lost coverage to apply for an individual health insurance plan.F76 Explore our wide variety of plans.
You’ve resigned, quit or retired early and now you’re wondering what’s next. You might be looking at a new job or a completely new career path and you may or may not be eligible for Medicare. There’s much to think about.
One opportunity you have: Losing your health care coverage when you leave your job is a qualifying life event that makes you eligible for a special enrollment period.F76 Now you have the freedom to select your own individual health insurance plan. We can help with that. Explore our plans. But don’t take too long. You have 60 days before and 60 days after the date you lost coverage to apply.
Find out when your employer health insurance plan officially ends.
Look into COBRA, which is a temporary continuation of your employer’s health plan. Many employers are required by law to provide this opportunity.
The downside of COBRA? Your employer won’t be contributing anymore, so your premium will cost more than you’re used to spending. It’s very possible you can find less expensive coverage. Explore our individual health plans.F84
You might be tempted to hold off on private health insurance until you’re covered by a new employer.F85 Keep in mind that it might be a while. On average, it takes about 40 weeks to find new employment.F86 Plus, some employers don’t offer health insurance at all, and others have coverage waiting periods for new employees, leaving you uninsured. To fill the gap, explore our Short Term plans.F5
If you’re thinking about going without insurance for a while, we urge you to reconsider. It only takes one unexpected injury or illness. It may not be worth the risk — especially when you can find the right plan for you and your budget.
1 You may be eligible for COBRA. Check with your previous employer to review your options.
2 Personal insurance is not the same as COBRA, so review your COBRA information carefully.
3 A terminated employee may be eligible for continuation of coverage under federal or state law. Check with your former employer.
4 Bureau of Labor and Statistics, “Labor Statistics from the Current Population Survey,” 2014.
5 Short term plans are medically underwritten. This coverage is not required to comply with certain federal market requirements for health insurance, principally those contained in the Affordable Care Act. Be sure to check your policy/certificate carefully to make sure you are aware of any exclusions or limitations regarding coverage of preexisting conditions or health benefits (such as hospitalization, emergency services, maternity care, preventive care, prescription drugs, and mental health and substance use disorder services). Your policy/certificate might also have lifetime and/or annual dollar limits on health benefits. If this coverage expires or you lose eligibility for this coverage, you might have to wait until an open enrollment period to get other health insurance coverage. This is not Minimum Essential coverage as defined in the Affordable Care Act and may not cover all Essential Health Benefits in your state. Some Short Term plans are available as association group insurance only to members of FACT, an independent association. Additional membership fees may be required.