Health Insurance Options if You’re Unemployed

When you are faced with the possibility of unemployment, one of your top concerns could be maintaining affordable health insurance coverage for you and your family.

Even if you’re currently employed, keep reading to discover some options that might help you access the healthcare you need.

COBRA Coverage

COBRA offers 18 to 36 months of continued health coverage for employees and their dependents following termination. If you choose to use COBRA coverage, you will be responsible for full premium payments, which are usually at a higher rate than you previously paid.

However, you do receive the option to continue the same health plan or choose a different one.

Medicaid and CHIP Programs

Medicaid provides health coverage for individuals and families whose household income falls below a certain threshold. Individuals with disabilities may also qualify for Medicaid coverage.

The Children’s Health Insurance Program provides coverage for children and pregnant women.

This program is used by those who do not qualify for Medicaid, but who don’t have enough income to afford private medical insurance.

Short-term Health Insurance

If you are in-between jobs, you can look for short-term health coverage until you qualify for insurance with a new employer.

Also referred to as “gap insurance”, these policies are offered by private carriers. Short-term health insurance may be obtained directly from the company, through your membership in a trade organization or union, or through an insurance broker.

Health Insurance Marketplace or ACA Insurance

Depending on your household income, you may qualify for a healthcare policy purchased directly from the Marketplace. The coverage you receive will approximate employer-sponsored plans.

The premiums for this coverage may be very affordable after subsidies, cost-sharing, or other cost-saving discounts.

You may also qualify for a special enrollment period after a job loss. However, you would need to act quickly to ensure you don’t have to wait for the next open enrollment period toward the end of the year.

Being unemployed can be a stressful situation. Strive to stay healthy, and be prepared for new opportunities that could be coming your way.