How To Get Insurance Without a Job?

Life has a way of surprising all of us with new problems and worries. One of them could be unemployment. For example you lose your job or you’ve been working hard to find one, you’ll think twice about getting health insurance.

Worries of medical expenses and unemployment can give you extreme stress. But, health insurance isn’t bound to your job. Indeed, you won’t be able to enjoy group health insurance. This type of health insurance is given to you by your employer. According to a survey by Kaiser Family Foundation (KFF), about half of Americans get their health insurances plans supported by their employers. Now, since you’re unemployed, your hands are tied.

but the good new is that you can still get insurance without a job. There are other options for people who are struggling financially due to any financial mishap or unemployment. The bonus is such health insurances also provide similar services similar to group health insurances.

You’ll have the following options to choose from,

COBRA
Individual Private Health Insurance
Affordable Care Act (ACA)
Medicaid, Medicare

Let’s get to know how these insurance programs can help you set aside the worries about your medical expenses.

COBRA

When you lose employment, you might become eligible for COBRA on the basis of the following conditions;

Unemployment
Reduction in job hours leading to a loss in coverage
Divorce or separation from a covered employee
The employee becomes eligible for Medicare
Or a dependent of the employee, who has insurance, is not willing to stay dependent under the plan’s terms.
The death of a covered employee

Now, if you’re under the circumstances mentioned above, you can opt for COBRA. This insurance allows you to have health insurance of your former employer-sponsored insurance. But, you’ll have to pay the total amount of the premium because your former employer will dismiss him for sharing the premium amount.

However, the federal government will pay the premium for unemployed people. After becoming eligible for COBRA, you’ll have 60 days to take up your former employer’s insurance.

Individual Private Health Insurance

Individual Private Health Insurance plans are not provided by the federal government or sponsored by any employer. Thus you have to purchase that plan for yourself and your family from a private company/broker.

This type of insurance is given to you based on your income and household size. This plan has a period of 60 days after losing the job. Now, if you choose the coverage, you’ll have to find out if you are eligible for savings, incomes, deductibles, tax credits, and low-cost coverage through Medicaid and CHIP.

Medicare, Medicaid, and CHIP

If you’re unemployed, you can also become eligible for government-sponsored programs. Say you’re 65 or older. Even if you’re doing good at your job or are a young disabled person, Medicare is the right choice.

However, if your and your family’s income is pretty low, you’ll be eligible for Medicaid. Ideally, low-income families with children will have the freedom to choose CHIP insurance.

Affordable Care Act (ACA)

Unemployment can also make you choose the insurance plans of the Affordable Care Act (also known as Obamacare) if you want to earn enough to become eligible for Medicaid and CHIP.

You can find ACA-approved insurance plans at your government’s Marketplace. These plans cover the following benefits;