Key takeaways:
- Through the Marketplace, you can get an affordable health insurance plan with savings depending on household size and income.
- Medicaid or the Children’s Health Insurance Programme (CHIP) offer free or inexpensive coverage.
- COBRA will maintain current coverage.
- Health insurance for a brief period of time.
- Obamacare, often known as the Healthcare Marketplace, covers long-term work absences.
Financial hardship can result from losing your job, particularly if you also lose your health insurance benefits. However, if you’ve lost benefits, you might be qualified for a special enrolment period on the Health Insurance Marketplace. This implies that you can apply for coverage at any time, even before the annual open enrolment period in November. You can also be eligible for the premium tax credit With savings based on your income and household size, you might be able to obtain an affordable health insurance plan through the Marketplace if you’re unemployed. Additionally, you might be eligible for Medicaid or the Children’s Health Insurance Programme (CHIP) to receive free or inexpensive care.
Your eligibility for health insurance and the amount of financial assistance you will receive to pay for it are determined by your household size and income, not by your job position.
What do you need to know about the eligibility criteria?
You will be able to determine if you are eligible for any of the following forms of coverage when you submit an application through the Marketplace:
An insurance plan from the marketplace: Based on the size and income of your household, you might be eligible for premium tax credits as well as savings on copayments, deductibles, and other out-of-pocket expenses. Some low-income individuals may find that their premiums are very little in the end. Find out how to get a Marketplace insurance plan at a cheaper price.
Medicaid: For millions of Americans with low incomes or disabilities, Medicaid provide coverage. Many states have extended Medicaid to include everyone who makes less than a specific amount of money. Find out more about applying for Medicaid.
Programme for Children’s Health Insurance (CHIP): Children and pregnant women in certain states are covered by CHIP for families whose income is too high to qualify for Medicaid but too low to purchase private insurance. Study up on CHIP.
You will receive an eligibility determination once your Marketplace application is complete, which will indicate the type of coverage you and other members of your family are eligible for.
