Feeling anxious about job layoffs and losing your health insurance? You’re not alone. Let’s break down what you can do if your employer-sponsored coverage is on the line.
Check with Your Employer: First, find out how long your health insurance will last after a layoff. Vincent Birardi, a wealth adviser, mentions that it can vary. Coverage might end immediately, last until the month’s end, or even stretch longer.
Explore Your Options: If you lose your coverage, you typically have three choices to consider:
- If married, you can enroll in your spouse’s plan within 30 days.
- You might continue your employer’s insurance for 18 to 36 months under COBRA. You’d have 60 days to apply, but keep in mind that you’ll pay both your and your employer’s share of the premium.
- You can look for individual coverage through the ACA’s Health Insurance Marketplace, which you need to do within 60 days. Check it out at healthcare.gov.
Now, what if you need a expensive medical procedure but can’t pay for it? Don’t give up hope. If your insurance denies coverage, you can appeal the decision. In 2023, there’s been a high success rate for appeals among Medicare Advantage plans—about 82% managed to reverse denials. Traditional Medicare had a lower reversal rate of 29%, but that still shows the possibility of success. Healthcare.gov users also saw a favorable outcome in 44% of appeals, according to KFF.
Seek Help if Needed: The government provides financial assistance programs for Medicare users that are often overlooked. Juliette Cubanski from KFF highlights options like Medicare Savings Programs, which help with out-of-pocket costs, and “Extra Help” for drug coverage. Understanding these can alleviate some financial stress.
If you’re not on Medicare yet, organizations like the Patient Advocate Foundation can assist you with appeals. Tools like Counterforce Health offer free services to help create appeal letters. And don’t forget about Medicaid, which provides coverage for those who qualify based on income.
Staying informed and knowing your options can make a significant difference. Navigating health insurance can be tricky, but there’s help available. You’re not in this alone.
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