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.
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:
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.
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.
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.6
You might be tempted to hold off on private health insurance until you’re covered by a new employer.7 Keep in mind that it might be a while. On average, it takes about 40 weeks to find new employment.8 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.9
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.
1 You may be eligible for COBRA. Check with your previous employer to review your options.
7 Personal insurance is not the same as COBRA, so review your COBRA information carefully.
8 A terminated employee may be eligible for continuation of coverage under federal or state law. Check with your former employer.
9 Bureau of Labor and Statistics, “Labor Statistics from the Current Population Survey,” 2014.
10 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.