More and more people across the country face financial crises as the COVID-19 pandemic is still making its way through the nation. It has been reported that more than 23 million people have already lost their jobs. In addition, more than 27 million Americans are currently left without health insurance coverage as a result of the loss of employment.
One of the biggest considerations when choosing a health insurance plan is its cost. This includes the monthly premiums along with all out-of-pocket expenses such as the deductible and co-pays. Health insurance may have been hard to afford before, but it is proving to be even more difficult now with these unprecedented times.
Understanding Your Options
Before anything else, you need to understand your options. If you have lost your job and, as a result, lost your health insurance coverage, then you may qualify for an Affordable Care Act (ACA) Health Insurance Marketplace plan. Loss of employment is considered a qualifying life event, which makes you eligible for new insurance. Depending on your income, you may also qualify for government subsidies to lower your out-of-pocket costs, making your health insurance more affordable.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is also an option. However, COBRA can also prove to be expensive. With it, the employee who lost their health benefits can choose to continue receiving group health benefits provided by the group health plan for a limited period.
Find High-Quality Care
Once you understand the options you can try, the next focus should be on finding top-notch care that fits your lifestyle and budget. There are several affordable healthcare plans you can find online that come with multiple solutions and benefits to reduce your overall costs. Those can be helpful, especially if you are faced with pre-existing conditions.
When looking for excellent care, compare all of your plan options. Make sure that they cover any specialists you are currently seeing and provide you with the prescription drug coverage you need. Find a plan that works best for you and your family as well as your medical needs.
It never hurts to ask for help, either. Whether you have been let go or are interested in switching health insurance companies or plans, it would be good to consult with experienced professionals. They can help you navigate the complicated insurance process from start to finish.
Seasoned insurance experts can help you during open enrollment. What’s more, they can thoroughly explain your health insurance options should you find yourself unemployed and without health care coverage. They can also determine if you are eligible for any government subsidies to lower your overall health insurance costs.
Navigating your health insurance options this year can be frustrating if you are not sure where to start or unaware of where you can find the support you need. For more information, contact our team by visiting National Insurance Partners today.