You Can Get Health Insurance if You Are Worried About COVID-19 or Been Laid-off

I got more calls this week than I did during Open Enrollment. The reason is obvious. People are concerned about COVID-19. The odds are a good number many of us will get infected and, in turn, a percentage of up to 20% may be hospitalized. For those with Affordable Care Act (ACA) also known as Obamacare insurance, the out-of-pocket cost could be up to $8150. For those without health coverage, it could be up to $73,000. (www.businessinsider.com)

$8000 in health costs is affordable for some. $73,000 not so much. So what can you do if you’ve been laid off or never had health coverage? Here are a few options.

Laid-off? You May Qualify for COBRA

If you had health coverage while employed, your past employer is required to offer you the opportunity to purchase the same plan you had while an employee. The right to do that is guaranteed under a law or an act called COBRA. This is good option if you want to maintain the same coverage, providers, etc. The challenge for some is the cost. When employed your employer often paid 50% of the cost of your coverage. Under COBRA, you will need to pay the entire amount. This cost can be, if not prohibitive, very expensive.

Affordable Care Act/Obamacare Options

If you have no insurance, you may be able to apply for ACA/Obamacare coverage. This opportunity is usually limited to the period known as Open Enrollment which runs annually during November and December. To address the Covid-19 health crisis, some states that run their own health exchange have reopened the opportunity to purchase such coverage. They are California, Colorado, Connecticut, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont and Washington. There is talk that the Federal government that runs exchanges in the remaining states may also reopen its exchanges. This would give residents without state exchanges the same opportunity. So far, that opportunity is still only in discussion.

Non-ACA Options

There are non-ACA plans available. These plans run the gamut from limited care plans to plans that provide care similar to ACA plans. All plans have exceptions and may not offer certain benefits like Drug/Alcohol Rehab or Mental Health Care. Some plans require qualification and may not allow for certain pre-existing conditions. These plans can offer some attractive differences from ACA plans like having no-copays nor deductibles. If you take care of your health seriously, require only routine care, meaning an annual physical and occasional doctor, one of these plans may be the best one for you. When considering such a plan, look for one provided by major insurers like United Healthcare.

Medicare/Medicaid

If you have reached 65 are disabled or have income reduced to within 400% of the poverty level, there are federal government options for health coverage. Your best resource if you fit, or are unclear if you fit these criteria, is https://www.healthcare.gov/.

There has never been a time when having health coverage has been more critical to your financial, as well as physical, health. There are options if you don’t have or are losing your coverage. Take advantage of one of those options today. Contact Kenneth Wright – The Health Insurance Savant – 917 710 2453 at [email protected]