Losing Coverage When Voluntarily or Involuntarily Leaving Employment

Job loss doesn’t look the same for everyone. For some, it may be a painful experience. Others see it as an opportunity for change. Either way, you lose your health insurance coverage.1 There are basically two kinds of job loss: involuntary and voluntary.

Involuntary Job Loss – Laid Off, Dismissed

Losing your health care coverage when you leave your job is a qualifying life event that opens a special enrollment period, and that may be a real opportunity for you. Now you can buy your own individual health insurance plan that:

  • May be less expensive than your former group plan
  • Stays with you regardless of your employment status.

However, the clock is ticking! You have 60 days before and 60 days after the date you involuntarily lost coverage to apply for an individual health insurance plan.1 Explore our wide variety of plans.

Voluntary Job Loss – Resigned, Quit or Retired

You’ve resigned, quit or retired early and now you’re wondering what’s next. You might be looking at a new job or a completely new career path and you may or may not be eligible for Medicare. There’s much to think about.

One opportunity you have: Losing your health care coverage when you leave your job is a qualifying life event that makes you eligible for a special enrollment period.1 Now you have the freedom to select your own individual health insurance plan. We can help with that. Explore our plans. But don’t take too long. You have 60 days before and 60 days after the date you lost coverage to apply.

You May Have Other Options Including COBRA

Find out when your employer health insurance plan officially ends.

Look into COBRA, which is a temporary continuation of your employer’s health plan. Many employers are required by law to provide this opportunity.

The downside of COBRA? Your employer won’t be contributing anymore, so your premium will cost more than you’re used to spending. It’s very possible you can find less expensive coverage. Explore our individual health plans.2

You Just Can’t Count on Your Next Job

You might be tempted to hold off on private health insurance until you’re covered by a new employer.3 Keep in mind that it might be a while. On average, it takes about 40 weeks to find new employment.4 Plus, some employers don’t offer health insurance at all, and others have coverage waiting periods for new employees, leaving you uninsured. To fill the gap, explore our Short Term plans.5

Going Uninsured Can Be Risky Business

If you’re thinking about going without insurance for a while, we urge you to reconsider. It only takes one unexpected injury or illness. It may not be worth the risk — especially when you can find the right plan for you and your budget.

4 Tips for Finding the Right Plan – for You

1. Determine what type of plan you want

  • Compare new plans to what you’ve had before.
  • Check out the scope of benefits offered.
  • Determine what benefits you like and what you don’t.

2. Look for coverage that meets your health care needs

  • Do you visit the doctor’s office or hospital often?
  • What are your dental or vision needs?
  • Are there any medications you take regularly?
  • What current or upcoming health needs do you have?

3. Figure out your health care budget

  • Get a plan with a deductible, the amount you pay before your insurance pays anything, you are comfortable paying.
  • Choose a monthly premium, what you pay to have your insurance coverage, that fits your budget.

4. Know the cost benefits of in-network care

  • Look at your provider’s network options.
  • Make sure your health plan covers the providers you need.

1 You may be eligible for COBRA. Check with your previous employer to review your options.

2 Personal insurance is not the same as COBRA, so review your COBRA information carefully.

3 A terminated employee may be eligible for continuation of coverage under federal or state law. Check with your former employer.

4 Bureau of Labor and Statistics, “Labor Statistics from the Current Population Survey,” 2014.

5 Short term health insurance is medically underwritten and does not cover preexisting conditions. It does not meet minimum essential coverage requirements, meaning signing up for this coverage may result in a tax penalty.