Does job loss = insurance loss for you?
According to report by the Kaiser Family Foundation, between March 1 and May 2, 2020 more than 31 million people had filed for unemployment insurance due to the current pandemic crisis. In addition to losing their job, millions have also lost their health insurance. This is especially troublesome for older adults who are more susceptible to becoming seriously ill from the coronavirus.
Some people older than age 65 who have deferred enrolling in Medicare while they are covered by an employer provided insurance plan have the option of enrolling in Medicare. For those not eligible for Medicare or who choose not to enroll in it, there are other options. These include:
COBRA benefits: COBRA is one choice that will allow you to continue with your employer sponsored plan for a limited time and can help bridge the health insurance gap until you qualify for another health plan. It may also provide protection for your spouse and dependent children under certain circumstances. The downside of COBRA benefits is that you will be responsible for the premiums which can be costly.
Marketplace: Marketplace coverage sometimes referred to as Affordable Care coverage is available to legal residents who are not eligible for Medicaid and do not have an affordable offer of employer sponsored insurance. The government’s Affordable Care Act (ACA) considers losing your health insurance as a life event that qualifies you for a Special Enrollment Period. Your change in income may also qualify you to receive financial assistance to help pay for premiums and other costs.
Medicaid: Changes in income status, employment and loss of health insurance can make many of those who lost their jobs newly eligible for Medicaid. Check with the State of Ohio to determine eligibility.
Join a family member’s employer plan: Look into whether you are eligible to be added to a spouse, partner, or other family member’s employee-sponsored plan.
Please do not put off investigating your coverage option if you lose your health insurance. It takes time to gather the information you will need to get enrolled. Contact me at 440-255-5700 or Lmutsko@mutskoinsurance.com to help you look at your options and avoid gaps in your coverage.
Laura Mutsko is a licensed insurance agent and broker offering a complete line of health and life insurance products, including Individual, Group and Family Health, Medicare Advantage Plans, Medicare Supplement Plans, Medicare Part D Prescription Coverage, Vision, Dental and Life Insurance. Contact Laura at 440-255-5700. Mutsko Insurance Services, LLC is located at 6982 Spinach Drive in Mentor, Ohio.