The Affordable Care Act can make the cost of health insurance low enough to be within the reach of an individual who is out of work. Although Obamacare benefits people with jobs, it can also benefit workers who have left their employer.
Former employees who have lost medical coverage because they lost their jobs, or had their hours cut, do not have to wait for the next open enrollment period. The law allows them to apply for coverage outside of the open enrollment period, but there are limits. You must apply within 60 days of separating from your employer.
If a person or family has an income below the federal poverty limit whether they work full time, part time or not at all, they will probably be eligible for a state sponsored Medicaid health plan. These plans are free or extremely inexpensive. In some states, the income limit is higher. It may also be higher for those with children and for women who are pregnant.
If you qualify for Medicaid (or Medicare), you will not qualify for an ACA subsidy. However, before the ACA healthcare subsidies were available, many Americans who lost their jobs but were not eligible for Medicaid had no other option for affordable coverage.
Unemployment compensation, or the income from a spouse was often enough to make one ineligible for the Medicaid program. At this time, the government offers either Medicaid or a subsidy for most people who make up to four times the federal poverty level.
The Affordable Care Act has the potential to reduce the number of people who lose their jobs and thereby cannot get medical services. Some of the people who would not have been able to afford the money to pay for health insurance in the past may have died or suffered a permanent disability due to a lack of care. Now many of them will get care, get well, and get back to contributing to a business. They will be able to provide for their families and pay taxes again which helps us all out. Maybe some will start companies that earn millions.
The mandate keeps insurers from denying coverage due to preexisting conditions. This means no one is asked about their health history before they sign and buy.
If you have lost your job and want to check your eligibility for health insurance at a good price, please call us. We will ask you a few questions about your yearly income and family size. We may be able to show you policies that cover doctors and prescription drugs with only a small copay and low premiums that fit your budget.
We are certified brokers for the health insurance exchange (the access health Connecticut marketplace) and can answer your questions and provide assistance by phone when you decide to enroll in an off or on exchange policy.