Author Topic: Health Insurance if Unemployed? Sorry kinda panicking...  (Read 618 times)

MrsCoolCat

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Health Insurance if Unemployed? Sorry kinda panicking...
« on: March 29, 2020, 05:50:02 PM »
Hi. Okay, I need to research and figure things out. Worst case scenario (well,  theoretically). If my husband were to lose his job (I have been staying home with the kids, so I'm unemployed) how will our family get health insurance during this pandemic? He has insurance through his employer for him and the kids. I went private off his plan as of last month (gee, how lucky am I). Our premiums are already a lot so if we're both not taking in income how and what will we do? Also, I'm extra scared about him losing his insurance during this pandemic and then trying to find a carrier who's still accepting new members now?? How does Obamacare work and where exactly can I read up about this in detail? Thank you in advance. It's kind of all sinking in right now and I'm getting worried about that future until whenever we can all go back to work or even look for jobs (me in particular). Anyways thanks, again.

secondcor521

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Re: Health Insurance if Unemployed? Sorry kinda panicking...
« Reply #1 on: March 29, 2020, 06:03:34 PM »
There are two main options:

1.  Obamacare.  Start at healthcare.gov.  Obamacare subsidies can make things affordable and are based on your family's estimated AGI for the current year as it compares to a number called the federal poverty level, or FPL.  The FPL varies based on where you live and your family size.

2.  If your income going forward is low enough, then you may qualify for Medicaid and your kids may qualify for CHIP.  Try googling your state's name and Medicaid or your state's name plus CHIP.  I believe Medicaid qualification is based on your monthly income.

You shouldn't have any problem getting on with an insurer through Obamacare.  Many doctors accept many Obamacare plans.  I do know that not all doctors accept Medicaid, but I think that varies greatly around the country.

If your husband loses his job/medical insurance, that should be a qualifying event for you to start on Obamacare or Medicaid/CHIP, so you could start as soon as his insurance ended.  Usually employer insurance runs out at the end of the month in which the employee's last day is.  So if he lost his job on April 6th, his insurance would probably run through the end of April.  But check with his HR department to confirm that.

Sorry about your worries.
« Last Edit: March 29, 2020, 06:08:02 PM by secondcor521 »

hdatontodo

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Re: Health Insurance if Unemployed? Sorry kinda panicking...
« Reply #2 on: March 29, 2020, 06:13:16 PM »
This doesn't help in the payment side of the equation.

Would he be able to continue his current insurance through COBRA for 18 months? Check with his HR.

MrsCoolCat

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Re: Health Insurance if Unemployed? Sorry kinda panicking...
« Reply #3 on: March 29, 2020, 06:49:26 PM »
There are two main options:

1.  Obamacare.  Start at healthcare.gov.  Obamacare subsidies can make things affordable and are based on your family's estimated AGI for the current year as it compares to a number called the federal poverty level, or FPL.  The FPL varies based on where you live and your family size.

2.  If your income going forward is low enough, then you may qualify for Medicaid and your kids may qualify for CHIP.  Try googling your state's name and Medicaid or your state's name plus CHIP.  I believe Medicaid qualification is based on your monthly income.

You shouldn't have any problem getting on with an insurer through Obamacare.  Many doctors accept many Obamacare plans.  I do know that not all doctors accept Medicaid, but I think that varies greatly around the country.

If your husband loses his job/medical insurance, that should be a qualifying event for you to start on Obamacare or Medicaid/CHIP, so you could start as soon as his insurance ended.  Usually employer insurance runs out at the end of the month in which the employee's last day is.  So if he lost his job on April 6th, his insurance would probably run through the end of April.  But check with his HR department to confirm that.

Sorry about your worries.

Thank you very much.

MrsCoolCat

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Re: Health Insurance if Unemployed? Sorry kinda panicking...
« Reply #4 on: March 29, 2020, 06:51:11 PM »
This doesn't help in the payment side of the equation.

Would he be able to continue his current insurance through COBRA for 18 months? Check with his HR.

Well, it's a good thing we're Mustachian, but it would still suck to pay more for our health insurance than for our already overpriced monthly HOA. At the current rates the health insurance would be comparable to a monthly mortgage, but I mean not getting insurance now during Covid-19... Idk about that. 😭 Guess it's life and could be worse. 😑😑
« Last Edit: March 29, 2020, 06:53:08 PM by MrsCoolCat »

secondcor521

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Re: Health Insurance if Unemployed? Sorry kinda panicking...
« Reply #5 on: March 29, 2020, 06:59:05 PM »
This doesn't help in the payment side of the equation.

Would he be able to continue his current insurance through COBRA for 18 months? Check with his HR.

Unless OP is above 400% of FPL, COBRA is likely to be far more expensive than Obamacare.  But it's a third option to investigate for sure.