ody Q: If I receive a severance, would the COBRA coverage offered to me become no longer affordable? Lets say I receive a severance of $50,000 and just to cover myself is $750 a month. Would that be considered affordable coverage?
A: Employer-provided coverage is considered “affordable” if doesn’t exceed 9.5 percent of the employee’s household income.
Remember, under the Affordable Care Act losing coverage when you change or lose a job is a qualifying event that triggers a special enrollment period. That means you can enroll in an individual plan outside of the open enrollment period.
Still confused? We can help answer all your questions and help you enroll if you’re ready. Click href=”https://cobrainsurance.com/ here for a quote, or call us at 1-877-279-7959 (8am-5pm CST) and we can help you find a plan.