Health Insurance After Job Loss in the COVID-19 Era

Over the past several weeks nearly 500,000 Oregonians have filed for unemployment. Many Oregon workers gets their Health Insurance form their employer, this means there are thousands on newly uninsured Oregonians. If you find yourself in this situation, what are your options?

Act now as you only have a 60 day Special Enrollment Period (SEP) to enroll in new coverage.

COBRA/State Continuation:
Depending on the size of your employer, you may be eligible for COBRA or State Continuation benefits. This is likely a more costly option. This option allows you to continue your current health care coverage through your employer for a certain amount of time. But you will likely be required to pay the full cost of your health coverage plus up to an additional 2% charge.

Spouse’s Plan:
If your spouse or domestic partner is employed and has health insurance coverage through their employer’s plan, you may use your 60 day SEP to enroll onto their plan. This option is always worth exploring.

Oregon Health Plan:
If losing your employment will significantly lower your household’s income, you may qualify for Medicaid/Oregon Health Plan (OHP). If you fall within the income bracket, this is almost always the best option.

Federal Marketplace:
The Federal Marketplace is often referred to as “Obamacare”, “The Affordable Care Act (ACA)”, or “”. Enrolling with an agent through the Federal Marketplace allows you to apply for a tax subsidy to help pay your monthly health insurance premiums.

Direct Coverage:
This is often referred to as “Private Insurance”. Health insurance plans can be purchased with the help of an agent directly from the insurance carrier. If you are above the income range to qualify for a Federal Marketplace subsidy, it is often a more simple process to enroll directly.

If you have questions relating to any of these options or would like tom discuss your personal situation, please reach out.

Spring 2020 OHP Limit


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