30 May Affordable Health Insurance After Being Laid Off
Affordable Health Insurance After Being Laid Off
Being laid off from a job can be one of the most difficult and stressful times of your life. Not knowing when you’ll get that next paycheck as well as the loss of benefits can be devastating even to the best of us. If you’ve been laid off and are looking for replacement health insurance, the search can be exhausting. Cobra insurance is typically not an option for those needing replacement health insurance after job loss due to expense. But don’t fret, there are options out there and we’ll help you find the best one for your situation!
The Affordable Care Act
Commonly referred to as Obamacare across the nation, the Affordable Care Act went into effect in 2010 as a way to help extend health insurance to uninsured Americans. There are two main facets of the Affordable Care Act that may help you find more affordable health insurance – health insurance marketplaces and expanded Medicaid.
Health Insurance Marketplaces
If you’re eligible for Obamacare, you may be able to access the federal, state-wide, and private health insurance exchanges or marketplaces. These exchanges will allow you to compare plans side by side and get the best possible insurance rates under the promise of affordable healthcare.
There are both government-regulated health insurance exchanges and private exchanges, and both types have their benefits. Government-regulated exchanges mean that the government has a say in how much you have to pay through standardized healthcare plans offered by the companies that are participating in that exchange.
Private exchanges are also worth taking a look at as a way to compare even more plans side by side so that you can get the best possible price. Health insurance exchanges are a great place to look for affordable policies that are regulated by the government and are offered to you at great rates.
In all states in the US, you can qualify for Medicaid based on the combination of your income, household size, disability, family status, and other things. Following the Affordable Care Act in 2010, many states expanded Medicaid so that you can be eligible based on your income alone.
If you’ve recently been laid off, chances are your income is significantly lower than it typically is. If your monthly income is less than 138% of the federal poverty level, you will qualify for the expanded Medicaid program and have the ability to receive free or low-cost health insurance while your income is at this extremely low point.
Finding Affordable Health Insurance May Be Easier Than You Think
If you’ve been laid off and worried about your bills being paid with your drastic change of income, don’t let health insurance costs add more to your plate. After the Affordable Care Act was signed in 2010, health insurance became much more accessible to lower-income individuals get healthcare that they can afford.
Either through the various healthcare exchanges offered in the country or even the expanded Medicaid coverage that you may qualify for, healthcare is more affordable than ever for people that have hit a rough patch in life, including being laid off or losing a job.
Laura Hibbits Insurance
Insurance can be confusing. Let our team help you today. We will find the right fit for you, your household and your budget. Call us today.