Keeping Health Coverage More Important than Ever
For many of us, our income in 2020 is not going to be what we expected a few months ago. Many have lost their health insurance after a reduction in hours or job loss. There are also changes in family status for young adult children that may have moved home. Here are some tips:
You lost health insurance that was provided by an employer. You have a Special Enrollment Period for 60 days from the day that your health insurance ended to make another choice…
- COBRA from the employer. That will probably be expensive.
- Individual health insurance. Your premium is based on estimated income for 2020. Family members that will be your tax dependents in 2020 can be insured. Full coverage that includes pre-existing medical conditions and preventive care.
- Short term health insurance. This can be a good choice for an interim solution. Limited benefits that do not cover pre-existing health conditions.
- If you are 65 or older, you should enroll in Medicare benefits. Selecting COBRA can result in a late enrollment penalty with Medicare.
- Faith based sharing programs. This is not insurance but may be a suitable option.
You have health insurance through healthcare.gov, but your circumstances have changed…
- You can update income. When you lower your estimated income, it will lower the monthly premium that you pay. You cannot change the benefit plan that you chose for 2020.
- You can add a family member that lost coverage to your policy if they will be your tax dependent in 2020. A child may be claimed as a tax dependent if under age 19 or if a full-time student under age 24. Check with your tax preparer to find out if the family member can meet the “qualifying relative” test.
- If a family member that will not be your tax dependent has lost health insurance coverage, he/she can enroll in coverage through healthcare.gov under their own account.
- You can delete a family member or update your contact information or address.
- You don’t know if you will be able to pay your premium. Help is available.
The team at ComPro has helped many people evaluate their situation and find the best solution for
keeping health insurance coverage. #dothenextrightthing