Do I Need Health Insurance Between Jobs?
Losing health insurance when you leave a job can be a major setback. Without insurance, you may have to pay for your own medical care, which can be expensive. You may also have to pay for prescription drugs and other health-related expenses.
So, do you need insurance between jobs? The answer depends on your individual circumstances. Here are a few things to consider:
- Your health: If you have any health conditions, you may need to continue your coverage even if you are between jobs. This is because you may need to see a doctor or get prescription drugs, which can be expensive without insurance.
- Your budget: If you are on a tight budget, you may not be able to afford insurance. However, you should weigh the cost of health insurance against the cost of paying for your own medical care.
- Your expected time out of work: If you are only going to be out of work for a short period of time, you may be able to get by without coverage. However, if you are going to be out of work for a longer period of time, you should consider getting health insurance.
If you decide that you do need health insurance between jobs, there are a few options available to you. You can:
- COBRA: COBRA is a federal law that allows you to continue your health insurance coverage from your previous job for up to 18 months after you leave. However, COBRA can be expensive.
- Short-term health insurance: Short-term coverage is a type of insurance that is designed to provide temporary coverage. It is usually less expensive than COBRA, but it may not offer as much coverage.
- Healthcare Marketplace: The Marketplace is a government-run website where you can shop for and compare health insurance plans. You may be eligible for subsidies to help you pay for health insurance through the Marketplace.
If you are not sure which option is right for you, you should talk to a financial advisor or a insurance agent. They can help you assess your needs and find the best policy for you.
Here are some additional things to keep in mind about health insurance between jobs:
- If you have a pre-existing condition, you may have difficulty getting health insurance. However, the Affordable Care Act (ACA) prohibits insurers from denying coverage or charging higher premiums based on pre-existing conditions.
- You may have to wait for a certain period of time before you can enroll in a new health insurance plan. This is called a waiting period.
- You may have to pay a higher premium if you enroll in a health insurance plan after you lose your job.
If you are losing your job, it is important to plan ahead and make sure you have health insurance coverage. This will help protect you from the financial burden of medical expenses.