What to Do if You Lose Your Health Insurance Coverage

Your health insurance plays a critical role in your short- and long-term well-being and financial security. A suitable plan can help you and your family access essential medical services and products, potentially enabling you to prevent, manage and recover from injuries and illnesses. However, there may be times when you unexpectedly lose access to your coverage. At Insurance Solutions USA, we’re here to help you navigate this stressful and difficult time.

How to Proceed After Losing Access to Your Health Plan

You may lose access to your health insurance for various reasons, including changes in your employment status. Amid these circumstances, you should seek out alternative arrangements as soon as possible, as lacking coverage for even a brief period could be perilous for your health and finances. Consider the following approaches:

• Join a family member’s plan. If your spouse has their own health insurance policy, you may be able to be added following the loss of your coverage. Additionally, if you’re under 26 years old, you may still be eligible to be on your parents’ plan.

• Purchase a marketplace plan. You can typically only enroll in individual plans available through the Health Insurance Marketplace during an annual period known as Open Enrollment. However, certain events, such as losing your job, may trigger a special enrollment period, which can allow you an extra opportunity to find coverage.

• Consider COBRA coverage. The Consolidated Omnibus Budget Reconciliation Act (COBRA) may enable you and your family to maintain coverage through an employer-sponsored health plan even after losing your job or eligibility for up to 18 months.

• Look into Medicaid. Intended for lower-income U.S. citizens, Medicaid is a government-sponsored program that may provide coverage. However, eligibility and availability may vary significantly by state.

• Shop for short-term insurance. Private insurers may offer short-term health policies. If you need to secure coverage during a specific period, these plans may help, but you should be aware of all exclusions and details, as these policies do not need to meet Affordable Care Act requirements regarding minimum essential coverage.

Learn More

Contact Insurance Solutions USA in Grapevine, Texas, today to learn more about maintaining and managing your health coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.