Health Insurance Options Exist for the Newly Unemployed
Special enrollment periods for Obamacare plans and expanded Medicaid coverage will help people who are suddenly out of work because of the coronavirus pandemic.
While the White House will not reopen the federal health care exchanges, many unemployed folks will still be able to sign up for an Obamacare plan, including the millions of workers who have lost employer-provided coverage so far because of the coronavirus crisis. Losing your job is a qualifying life event that allows you to get coverage via the federal marketplace outside the normal open enrollment period. To do so, you must apply within 60 days of losing access to your employer-based insurance.
Eleven of the states with their own health-insurance exchanges, plus the District of Columbia, will offer special enrollment periods, allowing anyone who is eligible under the Affordable Care Act rules to sign up. Those states are California, Connecticut, Colorado, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont, and Washington. Idaho is the only state with its own exchange that will not be holding a special enrollment period.
In addition, 36 states and the District of Columbia have expanded Medicaid coverage so that adults with income up to 138% of the federal poverty level can qualify. Note that unemployment benefits count as income under Medicaid rules, but the expanded benefits included as part of recent legislation to address the coronavirus outbreak will not affect eligibility.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Uncle Sam will also pay health care providers to treat uninsured individuals for COVID-19, using money from two recent coronavirus aid packages. To be eligible for the funds, health care providers are not allowed to balance-bill their patients.
-
A Financial Checklist for Widows
An interview with a financial adviser about the financial steps widows should take.
By Janet Bodnar Published
-
Pros and Cons of Waiting Until 70 to Claim Social Security
Waiting until 70 to file for Social Security benefits comes with a higher check, but there could be financial consequences to consider for you and your family.
By Patrick M. Simasko, J.D. Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
SEP IRA Contribution Limits for 2024
SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
By Jackie Stewart Published
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Published
-
SIMPLE IRA Contribution Limits for 2024
simple IRA The maximum amount workers at small businesses can contribute to a SIMPLE IRA increased by $500 for 2024.
By Jackie Stewart Published
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
By Jackie Stewart Published
-
Roth 401(k) Contribution Limits for 2024
retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
By Jackie Stewart Published
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated