Unfortunately, switching career paths or simply going to a different employer will eventually disrupt your current health insurance plan.
Life brings with it plenty of changes. If nothing ever changed, how would your circumstances evolve? One of the biggest career milestones is reaching five years with the same company. But maybe by the time you reach that plateau, you’re looking forward to moving onwards and upwards. Unfortunately, switching career paths or simply going to a different employer will eventually disrupt your current health insurance plan. And one of the biggest concerns you’ll likely have involved expiration dates.
Joining Your Spouse’s Existing Plan
One of the options you have is, of course, jumping to your spouse’s plan. In some ways, it might be superior to the one you had before. One factor that affects this change in situation is if it makes sense for you. Who is supposed to carry the insurance? Higher deductions will subtract more money from someone’s paycheck. As such, this impacts your ability to pay rent or mortgage along with budgeting for other bills and expenses.
COBRA: Temporary Health Insurance Coverage
COBRA stands for Consolidated Omnibus Budget Reconciliation Act. It kicks in depending on the size of the organization you formerly belonged to; twenty is the baseline headcount. An information packet will reach you in the mail. In essence, COBRA gives you an umbrella of temporary health insurance coverage. The insurance provider affiliated with your former workplace and its group insurance protocols sponsors your coverage. One of the best things about this option is holding onto coverage for up to 18 months. That said, the costs are substantially higher than what you might have needed to pay before you changed jobs.
The ACA Marketplace
The Affordable Care Act backstops what is known as the health insurance marketplace. You might also know it by a less formal name – Obamacare. What is included in Obamacare-style packages? Hospital coverage, doctor’s office visits, and prescriptions are benefits bundled into the program. If you’re unsure if you’re covered under Medicare or the Children’s Health Insurance (known as CHIP), marketplace plans can inform you of your circumstances. Premiums are low, and you won’t be denied coverage due to pre-existing conditions. Those are two incentives that could convince you to choose the marketplace over any other alternatives.
Private Health Insurance Providers
Of course, you can also research private health insurance plans. Private providers can support you when you need policies tied to medical-related needs such as hospital stays, outpatient care, and potential surgeries.
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