How To Get Affordable Care Act Certified Medical Insurance After Loss Of Employer Health Plan
Losing employer sponsored health insurance is a qualifying life event that opens a Special Enrollment Period that allows you to elect new health insurance. Your options for obtaining new Affordable Care Act (ACA) plans are either COBRA or through the health marketplace.
One major medical insurance option is to continue the health plan you had from the former employer. The continuation of employer sponsored health insurance is known as COBRA and is the same medical plan you had, but now are responsible for the full premium.
When you stay on your plan, your insurance deductibles rollover where you left off. You may continue on your COBRA plan for a limited amount of time. COBRA is available only to workers who’s employer have 20 or more full-time employees.
Marketplace InsuranceAnother option to find new ACA certified health insurance is through “the marketplace”. By using websites like HealthSherpa, individuals may compare a variety plans and enroll online.
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We are COBRAinsurance.com --- a private health insurance company, established in 2001, that publishes online information on how the federal COBRA law works.
We also provide an alternative to COBRA if it is unavailable or you simply can not afford it. You can remain insured and have health coverage for new illnesses or injuries with Short-Term Medical Insurance
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Terminology To Know
Certified ACA Plan
An Affordable Care Act policy must meet 10 minimum essential services. These include, emergency services, abulatory patience services, hospitilization, prescription drug benefit, laboratory services, mental health and substance use disorders, hospitilization, pediatric services, rehabilitative services, preventative and chronic disease management.
What is an exchange?
An exchange is simply a platform for enrolling. An exchange may be online or a licensed agents can help enroll in person or over the phone.
What are the types of exchanges?
“On-exchange” – Have health insurance plans that are available on the
“Off-exchange” – Are private marketplaces that have ACA certified health insurance. Plans may be purchased directly from an insurance company, or with the help of a broker, like SASid. Cost-sharing and premium subsidies are not available if you buy an off-exchange plan, even if you’d otherwise be eligible. You may not claim the premium subsidy on your tax return if you bought an off-exchange plan.
The Federal Health Care Marketplace
Off-Exchange ACA Compliant Health Insurance
Most people will shop a private off-exchange marketplace to look for Affordable Care Act health insurance if they do not qualify for a federal or state subsidy.
Advantages of private Off-Exchange Marketplace
- Same plans as healthcare.gov with the same prices
- Fewer questions in the enrollment process
- Call licensed insurance agents for advice (free)
On-Exchange Health Insurance
Examples of subsidized coverage include Medicaid and the Children’s Health Insurance Program (CHIP). Marketplace insurance plans with premium tax credits are sometimes known as subsidized coverage too.
- In states that have expanded Medicaid coverage, your household income must be below 138% of the federal poverty level (FPL) to qualify.
- In all states, your household income must be between 100% and 400% FPL to qualify for a premium tax credit that can lower your insurance costs.
- If your income is above 400% FPL, you may still qualify for savings on a 2021 Marketplace health insurance plan.
About COBRAinsurance.com, a SASid insurance company
The COBRA Insurance Website is owned by Smart and Simple Insurance Development and powered by SASid’s insurance technology. We are a nationally licensed and recognized health insurance agency looking to sincerely help people access and understand insurance. Over the past 20 years, over 4 million people have obtained insurance through SASid, Inc technologies.