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July 29, 2020 2 min to read

3 options to consider if you have a gap in health insurance coverage

Category : Health

It seems like everyone these days has an opinion on how health care should work in the United States. The topic of health care coverage is sure to be a hot button one this election cycle, with many Americans unsure of how to best navigate getting the medical help they need.

While many different problems plague the health system, one situation many families find themselves in is dealing with a gap in health insurance coverage. A variety of things cause this gap, and it can be difficult to handle.

What if something were to happen during this window of no coverage? Can one protect themselves or their families? Luckily, there are options out there that those in this situation might be able to successfully employ.

If you are in this situation yourself, read on. We’ll walk you through what you need to know.

One of the most popular options for those looking at an upcoming health insurance gap? COBRA.

That might sound like a bit of a threatening name, but it actually stands for something quite helpful: the Consolidated Omnibus Budget Reconciliation Act.

While a bit wordy, that essentially means that COBRA is in place to allow you to continue to use health insurance from your current employer for a period of time after you no longer qualify. That includes leaving your job or getting fired.

COBRA also covers other instances that might result in a person losing their health insurance coverage. That would include getting one’s hours reduced, getting a divorce, or otherwise losing a family member that the coverage is dependent on.

If you do become eligible for COBRA, your health insurance provider should reach out on their own with more information.

This information should cover most of what you need to know: how to sign up, the benefits you’ll receive, and how the system works.

Sound too good to be true? It might be.

Not all employers are required by law to offer COBRA insurance. Your employer might not. If you work for a very small business, there’s a higher chance that COBRA insurance won’t be an option for you.

There’s also the high costs to consider. Once you’re no longer officially on your employer’s payroll, you’ll have to start taking on the full brunt of health insurance payments on your own.

Since the costs will no longer be subsidized through your employer, you might find the costs of keeping COBRA insurance to be far more expensive than what you can really afford. For this reason, COBRA might not be the best option for everyone…
 
Continue reading the article and learn more about health insurance on Daisy Linden’s blog.
 
 

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