WhatTo DoIf You Lose Your Heal th Insurance Transamerica Centerfor Health Studies (NAPSA)—Losing your health in- surance can be stressful and confusing as youexplore the options for new cov- Health plans with the “essential health benefits” required by the Affordable CareAct can be purchased directly from erage. To recover, it is important to un- derstandall your options,their costs and potentialrestrictions before purchasing health plans, often on the website. You mightalso consider working with an in- new coverage. Careful planningcan help you find the coverage that best meets yourneeds. Recent changes mean you may have If you are in the market for new in- more options than yourealize if you surance, you are not alone. Nonprofit ‘Transamerica Center for Health Studies’ annual consumersurvey foundthat over lose your health insurance. acquired new health insurance in the ed to the company open enrollment pe- one in three (35 percent) insured adults past 12 months. Anda strong majority (61 percent) of uninsured respondents said cost prevents them from obtaining insurance. This change to your spouses employer-based coverage maybe limitriod once each year. Shopthe Exchange Another place to look is your state's health coverage. Do you need health insurance? percentof customerspurchasinga health federal taxesif they do not have health on their incomelevel. Health Insurance Vermontand the District of Columbia all require residents to be insured or pay a tax penalty. Otherstates are considering adopting a health insurance mandate as well, so be sure to check these tax requirements. Even in states that do notrequireit, health insurance subsidies, which are available for singles Health Insurance Exchange. About 80 plan through the Exchangesqualify for a longer penalizes individuals on their subsidy on their premiums, depending While the Internal RevenueService no insurance, New Jersey, Massachusetts, when you lose your health insurance—whether you lost your em- Somehealth insurance productsthat do not qualify as major medical health insurancearealso available. They are sometimescalled gap insurance, but you should know the limitations of these plansbefore purchasing. + Critical illness insurance provides a cash paymentif you are diagnosed with cancer, have a heart attack, suffer a stroke or anotherserious and costly illness. with a 2019 annual income between $12,140 and $48,560, or income between. $25,100 and $100,400 fora familyoffour. (Incomelimits are different in states that plan may have daily payouts for spe- state's Exchange on our website: www. TransamericaCenterforHealthStudies. org. It is important to know that you have up to 60 daysafter losing your spouse’s coverage, experienced a di- to purchase coverage in an Exchange. Otherwise, you have to wait until the vorce, or have a new addition to your family. At that momentofuncertainty Consider Gap and Short-Term Insurance + Accident insurance gives you a cash ployer-based coverage, can no longer afford your current premium onindi- vidual coverage, lost your parents’ or surance broker who canhelp you understandthedifferentplan options available to you andthelevels ofcoverage. Exchanges are the only place to offer these offer “expanded” Medicaid coverage, meaning a wider number of lowcan help protect you (and your loved incomeresidents can qualify.) You can ones) from high medicalcosts, expect- check for basic information about your ed ornot. It is a very difficult situation Buy Direct You can also purchase health insurance directly from aninsurance provider. previous insurance or experiencing life event (new baby, marriage, etc.) payout if you are in an accident. A cific events, such as a cash paymentfor every day you spendin thehospital. + Short-term health insurance plans also do not comply with the Affordable Care Act, but they can provide you with health insurance if you need a stopgapuntil obtaining full coverage. Short-term health plans can provide catastrophic health coverage but some stateslimit their availability. It is important to note that short-term medical plansare not required to cover mental health services, outpatient prescription drugs, substance use disorder treatment, maternity care orotheressential health benefits. Moreover, short-term plans do not cover pre-existing condi- and concernfor yourhealth, what are Exchangeopenenrollmentperiod each fall to sign up. coverage? Join YourParents’ or Spouse’s Plan Ifyouarelower income or unemployed, you may qualify for Medicaid in your Before you sign up for health insurance again, do your homework and $12,140 for singles and $25,100 for a makesure youfindthe best option for yourneeds. your options for new health insurance If you are under 26 years old, you may be added or remain on your par- ents’ health insurance (ifit covers children). Adult children can join or remain ona parent's plan evenif they are married; not living with their parents; attending school; notfinancially dependent on their parents; oreligible to en- roll in their employer's plan. If you are married and yourspouse's employer-based coverage covers dependents, you can be added to that health DetermineEligibility for Medicaid state. Generally, the incomelimit is about familyoffour, thoughstate requirements vary. Medicaid provides full health coveragewithlittle or no out-of-pocket cost to youandyourfamily. Somestates have work/community engagement requirementsfor adults. You can check a state’s Medicaid income qualifications andrequirements on our website: www. TransamericaCenterforHealthStudies. org. tions and maydenyyou coverage based on your past medical history. shop around. That is the best way to Transamerica Center for Health Studies, a division ofthe nonprofit private foundation Transamerica Institute’, is ‘focused on empowering consumers and employers to achieve the best value and protection from their health coverage, as well as the best outcomes in their personal health and wellness. www. TransamericaCenterforHealthStudies.org.
