How to Get Health Insurance When You’ve Lost It Through Your Job

So you’ve recently lost your insurance through work. Should you sign up for COBRA?

If you lose your job or your company stops offering health insurance, you may be offered COBRA health insurance to continue your health coverage through your company’s group plan. COBRA options, however, are always at your own expense, and for a limited period of time.

After you lose coverage through your employer, you have 60 days to choose a new insurance plan. If you enroll in COBRA, you can’t switch to an individual health insurance plan until the next Open Enrollment period. Open Enrollment in the United States begins November 1st and usually runs through the end of the calendar year, or a little later depending on the state you live in. For this reason, it’s best to evaluate your options upfront.

Here are five important things to do before you sign up for COBRA:

1. Explore the cost of other plans (individual health plans, Medicaid, etc.), including monthly premiums and out-of-pocket costs. If you’re generally healthy, you could save money by enrolling in an Opolis Employment Commons plan with a higher deductible and a lower monthly premium.
2. Check to see if you qualify for financial assistance. Depending on how much you expect to earn during the year, you may qualify for Medicaid or tax credits to get an individual plan at a lower price.
3. Understand the rules for applying for new health insurance. When you lose your job, you qualify for a Special Enrollment Period (generally for 60 days after a qualifying life event) to choose an individual health insurance plan. Your coverage can start as early as the first day of the month after you lose your insurance.
4. Check if the plan covers the doctors you want to see. Our member specialists can help you answer these questions, or you can call your doctor’s office.
5. Check if the plan covers your prescriptions. Make sure your medications are covered in the insurer’s formulary, which is the list of drugs they cover. Look at the cost difference between your insurance options and factor that into the plan you choose.

Need help? No problem. Get a quote to explore your health insurance options, or talk to an Opolis member specialist to enroll for plans that could save you money.