The loss of income from layoff is only one hurdle for folks who have found themselves unemployed - the loss of health insurance is another.
We all know that health insurance can be an important piece of financial stability for families, but what happens to an employee's health insurance if workers find themselves unemployed? Workers may have several options.
First, COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) is a federal law that allows employees in many circumstances to continue their health insurance (including a family policy) for 18-36 months even after being laid off. If an employee is eligible for COBRA continuation of benefits, the employee will be responsible in most cases for paying the entirety of the insurance premium out of their own pocket. Since many employers help pay for a significant portion of the cost of their workers' health insurance policies, once an employee opts for a continuation of their coverage under COBRA, the worker may find the cost of the insurance too high to pay. You can read more about COBRA continuation of benefits here: https://www.dol.gov/general/topic/health-plans/cobra
Another option for workers may be through the federal government's Health Insurance Marketplace. While open enrollment, the time period when normal sign-ups and changing of health plans can occur, takes place in the fall, know that if you have lost your health insurance through work you are likely to be eligible for a special enrollment period. That means you may be eligible to sign up now instead of waiting months for open enrollment.
Lastly, private insurance agents may be able to help match you to a policy that works for your budget and family.
We know medical costs are often one of the most challenging parts of a family budget and that sometimes, despite the best planning, medical debt can spiral out of control. Even with health insurance, coverage issues and high deductibles can result in mounting bills. At Giles & Lambert, we have literally helped thousands of hard-working families escape the burden of medical debt. If you need help with medical or other debt, contact our office today to book your free consultation to see if we can help you too.
The loss of income from layoff is only one hurdle for folks who have found themselves unemployed - the loss of health insurance is another.We all know that health insurance can be an important piece of financial stability for families, but what happens...Click to View Linked Article