Did you know that 54% of people with Employer-provided health insurance don’t know what their options are if they lose their job and their health insurance coverage, a new study by HealthInsurance.com cited…

That is more than half the people with insurance, and if you are part of that majority, keep reading…

On any day during the open enrollment, you can enroll for new health insurance coverage.  If you are outside of open enrollment, you may need a qualifying event in order to get your health insurance.  But if you have lost your healthcare coverage due to job loss, or COBRA was likely too expensive (and it usually is), you will likely be eligible for an alternative healthcare plan… Alternative healthcare plans, such as Health Share can be a lower cost and great alternative to Healthcare both in a pinch or for the long term for you and your family.

So, let’s talk about COBRA for a minute.  If you have ever been laid off from your position, furloughed, etc, especially during Covid-19, you were likely offered COBRA… By opting into COBRA, and you may want to for the short term until you can procure new or alternative health insurance coverage, will allow you to keep your employer coverage up to 36 months depending on the program.  There are some rules around COBRA, however.  You need to be working for a company with 20 or more employees, and you cannot have been released for gross misconduct of any kind.

You may also qualify for COBRA if your hours are reduced as well, have been injured, and are eligible for Medicare and other legal reasons as well.

If you go the route of utilizing COBRA through your former employer, you must bear the weight of paying the entire bill while still participating in the health insurance coverage.  Meaning, if your employer was picking up a portion of the health insurance, their portion now becomes your responsibility.  Let’s say they were picking up 60% of the insurance coverage… If the insurance payment was $1,000 per month, you were paying only $400 out of your paycheck per month.  You must pick up the other $600 per month for the entire total of $1,000 per month.

Buying Private Health Insurance from an Insurance Company like Vivna Insurance

Companies like Vivna Insurance offer plans from major carriers such as Cigna and United Healthcare that give you the same great coverage you may get from your employer. Depending on your needs, you can also get coverage from these carriers at a lower price or equivalent price depending on the offering you choose.  Alternatively, if you are out of the open enrollment period or cannot get coverage from either of them due to the event not qualifying for new coverage, you can look at an alternative healthcare plan from a health share provider such as ASH or the IHC Group.  These plans may offer additional benefits and coverage which may be more specific or generalized to your needs depending on the programs but can get you the short- or long-term coverage you desire at more competitive rates.  You can speak in detail with one of our licensed insurance agents today to learn about the specifics of an alternative healthcare plan.  Reach us at 866.793.2301 for more information or email us at [email protected], and an agent or manager will reach back out to you.

ACA Insurance Plans

These are your healthcare.gov plans.  They’re also known as Marketplace Healthcare Plans… They can be expensive, but depending on your particular situation, you may be eligible for a subsidy on the cost of the plan(s).  The subsidies can make bearing the cost of the Marketplace plan more affordable but in the form of a tax credit.  Not always beneficial when you have to come up with the money ahead of time.

In addition, if you have a pre-existing condition… Well, the ACA may not have an exclusion for that.  Conversely, if you are in good health, under 30 years of age, you may have the option of opting in for a catastrophic insurance plan.  These plans have low monthly premiums and higher deductibles and are designed for those who have no or few medical concerns and may need coverage for a true emergency situation that could occur.

If you would like a no-obligation discussion to understand in more detail what your options are, then give us a call today. We’re standing by to serve you and get you all the information you deserve to know about the healthcare plan(s) that can protect you and/or your family.  Call us today at 866.793.2301.