Purchasing health insurance while unemployed seems quite impossible, but some health insurance companies offer health insurance irrespective of job status. Health insurance companies like ACA, COBRA, Medicaid, and public health insurance are considered some of the best health insurance companies for unemployed individuals.
Depending on some factors such as your eligibility, type of coverage, and cost, it is possible to find the best health insurance company willing to offer health insurance to unemployed persons. In cases where you recently lost your job and you were on employer-based health insurance, you may be able to qualify for a special health insurance enrollment period and purchase a health insurance plan. This, however, depends on the health insurance company.
Best Health Insurance Companies for the Unemployed
While it seems quite difficult to find the best health insurance companies for the unemployed, several health insurance companies offer health insurance for the unemployed. These health insurance companies include:
Blue Cross Blue Shield
This is the best health insurance company for unemployed people. It offers ACA Marketplace plans along with catastrophic coverage to the unemployed, making premiums low in exchange for higher deductibles. However, losing health insurance after employment does not make you eligible for a catastrophic plan. Instead, you may be eligible depending on your income or financial hardship resulting from unemployment.
Kaiser Permanente
Kaiser Permanente offers the best deductibles and premiums among other insurance companies. It is one of the best for unemployed individuals who need cheaper health insurance. This insurance company offers ACA health insurance plans in five different metal categories, which are expanded bronze, bronze, gold, silver, and platinum. Also, it sells catastrophic plans to unemployed persons who qualify. However, this insurer only renders EPO and HMO plans, which limits the choices of healthcare providers.
Aetna
For unemployed individuals eligible for the premium tax credit, this health insurance company is an ideal choice. Aetna makes its plans available on the marketplace, and these plans are eligible for full coverage by tax credits. Based on your income and size of eligibility, unemployed individuals with no income may also qualify for the premium tax credit.
Oscar
This is one of the greatest health insurance companies for the unemployed shopping for health insurance on a budget. Oscar has the best copayments among other lowest copay ACA health insurance plans.
Purchasing health insurance with no or low copayment helps the unemployed save on healthcare. It keeps the insured informed about the amount they are to pay out of pocket each time they visit the doctor to prevent unexpected medical bills. Just like other insurance companies, Oscar sells marketplace health insurance plans in four metal classifications as well as catastrophic plans.
FAQs:
What Happens if I Can’t Afford Healthcare?
Being unable to afford healthcare may lead to huge medical debt. In this case, it can be very hard to get out of this debt. However, to make healthcare more affordable, you can work with healthcare providers to lessen your debt. Instead of healthcare providers, your state may provide charity care to offer a helping hand in making healthcare more affordable.
How Long Does Health Insurance Last After Unemployment?
There is no certain time frame for health insurance to last after unemployment. How long health insurance would last depends on the employer. Some businesses allow health insurance coverage until an agreed time frame, while others cancel insurance coverage immediately, by the end of the month, or by the end of the week. Some employers allow coverage for longer periods, but after this time frame has ended, coverage will no longer be offered.
How do I Get Health Insurance While Unemployed?
If after unemployment you lose your health insurance, there are other ways you can get insurance while unemployed. Purchase Marketplace health insurance during annual open enrollment or qualifying special enrollment periods.
If you qualify, you can also get health insurance from Medicaid. Aside from all of these, other ways you can get health insurance while unemployed are by applying for COBRA benefits, purchasing short-term health insurance, and joining a health insurance plan with a family member.
Where can I get health insurance for the unemployed?
For unemployed individuals, Medicaid is a viable and affordable solution for health insurance needs. It offers free or low-cost government insurance. In cases where you do not qualify for this, the ACA health insurance marketplace is another option to consider.