What to do if you lose your health insurance due to job loss

According to a report by the Urban Institute's analytical center, 25 to 43 million US residents will lose their health insurance through an employer if unemployment rises to an expected 20 percent in the coming months, writes Becker's hospital review.

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Before the COVID-19 pandemic, about 160 million people under the age of 65 had health insurance from their employer. Federal data from March 15 through April 25 show that 30 million people applied for unemployment benefits in just 6 weeks. Growth in unemployment is expected to significantly change the landscape of health insurance as more and more Americans stop being insured or participate in Medicaid or ACA plans.

In its analysis, the Urban Institute found that more than half of Americans who lose their jobs will receive health insurance through Medicaid in the states that have expanded the ACA program. In states that did not, only a third of new unemployed Americans will be eligible to participate in the program. Researchers expect less than a quarter of new unemployed Americans to become uninsured in the states with program expansion, while about 40% will lose insurance in the states without expansion.

According to Fox BusinessSome experts warn that unemployment could reach 47 million. If you are among the dismissed employees, be sure to check the current state of insurance, as insurance coverage can continue until the end of the month.

On the subject: A simple explanation of the complex medical insurance system in the USA: the immigrant’s personal experience

What to do if you are left without insurance?

If you are not eligible for Medicaid, you may be eligible for an insurance plan in the Affordable Care Act Marketplace (Health Exchange). Persons whose expected income in 2020 falls between 100% and 400% of the federal poverty level (for individuals it is from $ 12 to $ 490) can apply for subsidies for their insurance premiums.

According to the Kaiser Family Foundation, the average cost of an ACA plan is $ 331 per month for the lowest level of insurance.

Under current law, people who have lost their jobs and employer insurance are entitled to a special registration period through ObamaCare, but must provide proof that they have lost their coverage.

The 11 states—California, Colorado, Connecticut, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont and Washington—that control their own insurance marketplaces, as well as the District of Columbia, have established special enrollment periods to keep people could receive insurance.

Americans with employer health insurance who face severe COVID-19 cases can end up with personal expenses of no more than $ 1300, as the Peterson-Kaiser Family Foundation health tracker found. Cost may rise above $ 20 for uninsured Americans.

On the subject: How to get health insurance if you lose your job due to coronavirus

COBRA, or the Consolidated Budget Reconciliation Act of 1985, often allows workers at companies with 20 or more employees to continue their coverage for up to 18 months after losing their job. Individuals who choose this option are responsible for paying both their premium and a portion of the amount in lieu of their employer, plus an additional fee - as writes Spectrum NewsThis can be up to 102% of the usual total cost of the plan. Consult with your former employer to find out if this plan is possible. The catch is that the business should be big enough: the previous year, in terms of medical care, there should have been 20 or more employees.

Losing your job is also considered a "significant life event", which means you may be eligible to purchase private health insurance outside of normal enrollment windows. For example, other such “events” could be moving, getting married, having a child, and more.

The most important:

• You must register and purchase insurance coverage within 60 days after losing your previous plan;
• The easiest place to start searching for coverage is healthcare.gov. There's a verification section that will let you see if you meet the requirements;
• if you already have insurance purchased through the healthcare exchange and you have lost your job, you can also apply for savings according to your current plan;
• in addition, you can contact insurance companies or health care providers directly to get insurance coverage.

If you need health care for your child, you may be eligible for CHIP, or Children's Medicaid. You may be required to comply with income restrictions. As a rule, a child must be no more than 18 years old; he must be a resident of the state and a citizen of the United States or a permanent resident of the United States. The citizenship status of the parent is not a factor determining the possibility of the child receiving insurance coverage.

If you are an adult who is a foster child, you are pregnant, or care for a child who is on Medicaid, has a disability, you are 65 years old or older, you can apply for Medicaid.

Read also on ForumDaily:

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30 million in 6 weeks: quarantine unemployment in the US continues to break records

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