The average American will change jobs between 3 and 7 times during their adult life. All these job changes can mean an interruption in benefits and insurance too. Many people found themselves unemployed as a result of the Covid-19 pandemic and facing a loss of insurance benefits.
If you're one of those people worrying about insurance coverage you may have heard of COBRA. You might be wondering about COBRA health insurance in Idaho and if it's a good idea for you? Are there other options if you find COBRA is too costly for you?
Read on to learn more about your insurance alternatives to COBRA.
Several decades ago, Congress passed the Consolidated Omnibus Reconciliation Act. This allows people who have lost their healthcare the right to get continued healthcare for a period of time.
COBRA health insurance allows you to continue getting the same health insurance coverage you had while employed for a period of time. Your former employer is obligated by law to offer you the chance to get COBRA coverage and get the same benefits for a period of time. They are not, however, obligated to continue to pay towards those benefits.
COBRA coverage is available for up to 18 months after leaving an employer.
While the COBRA law helps to make sure people have health insurance even after leaving a company, many people find it to be prohibitively expensive.
If you find yourself in this position, let's take a look at some options you might consider beyond using COBRA coverage.
There's something called short-term health insurance plans. These are often less expensive than COBRA plans. You can apply and get coverage even the next day.
While it's easy to get this type of temporary insurance, you can also get denied for a pre-existing condition. Short term plans also don't always cover everything such as maternity care or mental health services.
One more affordable option to consider might be the Affordable Care Act or ACA Marketplace. The marketplace is run by individual states and most offer a variety of plans.
If your income is low, you might also be eligible for government financial assistance. The American Rescue Plan, part of the US government's Covid relief, extended more broad coverage options under the ACA.
If you want more comprehensive coverage than short term insurance, but aren't eligible under the ACA, you might consider seeking an independent health insurance plan. This would need to be with a private insurer not available under the ACA umbrella.
Because often these types of gap plans are temporary, many people opt for a high deductible plan. It gives them coverage for an emergency situation, but helps to keep costs down at a time when they might be between jobs.
One thing is for sure, even when you're between jobs, you need to have health care coverage for you and your family. COBRA health insurance in Idaho is one option, but there are other health insurance alternatives too.
For more information on insurance options for you, we can help. Contact us today to learn about our insurance options available for you.