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.
Medica Premium Payment Help Hotline – (866) 398-7231
Bright Health Member Services – (855) 521-9345
The team at ComPro has helped many people evaluate their situation and find the best solution for keeping health insurance coverage. #dothenextrightthing