Joblessness, whether planned for or not, can feel like free-falling without a net. There’s no guarantee you’ll land on your feet. And while a change in income is likely the most significant financial adjustment you’ll encounter if you’re newly unemployed, it’s certainly not the only one worth your attention. A gap in your health insurance coverage could expose you to costly medical bills. But individuals who have found themselves in this situation have more options than ever for closing that gap with the Affordable Care Act (ACA).
The ACA dramatically expanded options for former employees in need of health insurance. Due to the variety of plans available and the potential for money-saving subsidies on federal and state marketplaces, buying a new individual policy makes the most financial sense for many people.
Losing employer-based health insurance is considered a “qualifying event,” one that allows you to enroll in an individual plan on the marketplace outside of the annual open enrollment period. Your exemption gives you 60 days to shop once you lose coverage, and you’ll have access to a variety of plans, carriers and price points.
For more information, call 1-941-405-3900.