Options in Health Insurance for the Unemployed

Unemployed individuals now have the opportunity to obtain health insurance. Learn more about health insurance for the unemployed by reading below.

People out of work are often faced with a host of other problems such as lack or absence of coverage. Fortunately, health insurance for the unemployed is now possible via the marketplace (HealthCare.gov) that serves states including Louisiana. The plans consist of basic medical benefits like emergency, preventive care and coverage for prescription medicines. Even jobless individuals with pre-existing sicknesses cannot be refused health insurance. Some form of financial assistance can also be given to them. Coverage starts promptly after one signs up for the enrollment period.

What are these Options?

Your spouse may have employment insurance so it is possible to enroll using that policy. If the premium is too expensive, consider affordable health insurance plans from the marketplace. At any rate, coverage sponsored by employers is within reach if it is not higher than 9.5 percent of the family’s yearly income. The Consolidated Omnibus Budget Reconciliation Act or COBRA permits resigned employees to retain employer coverage for another 18 months. COBRA can be very costly since you are obliged to pay the entire premium together with administrative fee. There is no contribution from your previous employer.

Marketplace health insurance coverage offers an assortment of plans. Those who are out of work are eligible for reduced monthly premiums and out-of-pocket expenditures depending on household income and size. There is also Louisiana Medicaid and Children’s Health Insurance Program which are sponsored by the State Government. The other alternative is a private insurance policy that you can buy directly or with the help of brokers. It is generally high-priced so weigh your options with care.

Options in Health Insurance for the Unemployed

Household Size and Income

You should determine the size of your household. This is one requirement before becoming entitled to health insurance by way of Medicaid. The size of your family is essential. Different income limits apply to various family units. Bigger families have better chances of qualifying to low-cost coverage under the Affordable Care Act.

At the same time, compute your yearly income to find out if you meet the criteria for reduced cost health insurance under the ACA. Make sure to list down sources of earnings in this computation. This includes any form of unemployment compensation that an individual receives; income of family members (spouse and dependents); alimony (support), returns from capital gains; and, interest (taxable) income.

Applications for Health Insurance

Online application forms are made available though the Healthcare.Gov website. Enrollment is allowed only during the period of open enrollment which is mentioned in the portal. However, employed persons can fill out the application and avail of the special enrollment even if the authorized period has ended.
Information you must provide are the following:

  • Income
  • Household Size
  • Residential and mailing address
  • Basic details such as relationships to people or information regarding your spouse
  • Social Security Number
  • Tax information
  • W-2 forms
  • Employer information
  • Current private health insurance policy numbers

Lastly, make sure to browse through the federal or state government online marketplace before creating an account. The process is easy to follow.

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