If you know your health insurance is coming to an end, it can be stressful to find new health insurance, but it’s essential.
There are multiple reasons that your health insurance could be coming to an end. Maybe you’ve lost your job or are finally starting your own company. You can lose your health insurance if you’ve recently been divorced and were on your spouse’s plan. You can also lose your insurance when you retire, when you come off your parents’ health insurance, or if your policy is coming to an end. The best way to maintain coverage is to know your options. Going without health insurance for an extended period of time can make getting coverage much more difficult so try to make sure you have coverage set up for when your current health insurance policy comes to an end. There are several ways to do this.
If you’ve lost your job, the most affordable method of finding health insurance is to get another job with employer sponsored healthcare. Of course, this is much easier said than done. Instead, look into COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985). This will allow you to continue your current benefits for 18 months. The only downside is that you’ll pay for 100% of the premium, which can be very expensive. If you’ve gotten divorced, COBRA is also an option through your ex-spouse’s plan.
Another option is to purchase individual health insurance. This will be more costly than your current health plan, but you also have the ability to compare policies and quotes to find one that still provides insurance at an affordable rate. You may not have the same benefits as before, but it’s better than nothing at all. Check into low-cost or free healthcare options as well. You may be eligible for Medicaid if you meet the income requirement.