Top Options to Consider if You Lose Health Coverage

Throughout the Great Resignation, over 48 million people have quit their jobs to become self-employed or have changed careers. This has caused a significant upheaval in the insurance world as many Americans have suddenly found themselves looking for alternative health insurance options.

Additionally, with the COVID-19 pandemic finally coming to an end, millions of Medicaid recipients could find themselves without insurance as eligibility requirements become more stringent. We know how stressful it can be to find yourself without health insurance. Luckily, there are several options available to ensure that you remain covered when you need it most.

Keep reading to discover your Texas health insurance options!

Medicare and Medicaid

If you get fired from your job or retire at or after 65, you may be eligible for your state’s Medicaid or Medicare programs. These programs have no special enrollment period, although the requirements to qualify for Medicaid may change in the near future.

Now that the COVID-19 public health pandemic has been declared at an end, Medicaid will reevaluate the eligibility of all of its beneficiaries. Some people will lose their coverage, but they may qualify for other assistance programs, such as federal tax credits toward the ACA marketplace.

Short-term Coverage

In some cases, short-term Texas health insurance plans may be a superior option. Short-term plans make sense if you are in-between jobs, waiting for your employer-sponsored coverage to begin, or if you are generally healthy and don’t regularly need to see a doctor.

You can enroll in these plans at any time without having to wait for an enrollment period, and short-term plans are more cost-effective than ACA marketplace plans. While these plans do not cover regular doctor visits, they may cover you in emergencies. In addition, short-term plans offer a PPO network structure that allows you to go to a hospital without worrying if it is in-network.

Getting Coverage Through Your Spouse

If you are not eligible for insurance through your employer or are self-employed or unemployed, you should check to see if you can be covered under your spouse’s plan before using the ACA marketplace to get your own.

In most cases, you can be added to a spouse’s insurance plan during their open enrollment period, which is usually toward the end of the year or under special circumstances. These circumstances can include losing your job and getting your hours reduced so that you no longer qualify for coverage.

Buying a New Plan in the Marketplace

If none of the above options are viable, then it’s time to look at the ACA marketplace for your Texas health insurance. Typically, the option to purchase health insurance on the marketplace is only available during the open enrollment period from November to December. Unfortunately, that doesn’t give most people much time to make a decision.

Depending on your circumstances, you may be eligible to qualify for a special enrollment period. These can include but are not limited to getting married or divorced, having a baby or adopting a child, or some changes in residence, such as moving to a different state or moving into the country as a new resident.

Reach out today to learn how Custom Health Plans can help you understand your Texas health insurance options so that you can choose the right plan for your needs.