Affordable Care Act Health Insurance for Those Who have Lost Jobs in Pandemic Situations
Highlights:
- The Covid-19 pandemic situation has resulted in job losses and due to that more than 5 million American workers between February and May have lost health insurance coverage
- This year has a record number of Americans becoming uninsured due to job losses
- The percentage of losing insurance is even higher than that occurred during the 2008 -2009 recession period when 3.9 million people lost insurance
- Uninsured individuals may have a high risk of facing staggering cost if they are struck by Covid-19 disease
- COBRA is one of the options to maintain health insurance coverage. However, the Affordable Care Act (ACA) allows a cheaper option.
How bad is the situation?
- According to Kaiser Family Foundation analysis, 26.8 million people could become uninsured due to job losses
- Robert Wood Johnson Foundation estimated that in 2020, 10.1 million people will no longer avail employer-sponsored health insurance coverage because of job loss in this pandemic period
- Johns Hopkins University estimated that more than 1.3 million U.S. people had tested positive for COVID-19 and 82,000 died in May, 2020
- 26 million people filed unemployment claims in a span of five-week ending April 18 with the U.S. Department of Labor
Source: Families USA
Insurance coverage options for people who lost jobs
After losing insurance due to job loss, one should visit HealthCare.gov which allows checking options. There may be cheaper options than COBRA, if individuals for a Medicaid or premium subsidy.
For Individuals having coverage through ACA marketplaces:
In case one has coverage through the ACA marketplace, there are chances of qualifying for a subsidy. Unemployment benefits and $600 temporary supplement count toward one’s income but a stimulus payments from the government do not. It is advisable to go to HealthCare.gov and update the income information.
For Individuals having coverage through Medicaid:
The enrollment status needs to be up to date so that the person does not lose his coverage if he forgets to re-enroll.
All about Medicaid:
There is a reasonable option for individuals who have adopted Medicaid expansions under ACA (36 states and District of Columbia) where they can qualify on the basis of their income. A rough estimate of $1,467 a month for an individual, for a family of two it is $1,983 and $3,013 for a family of four. Medicaid solves a lot of problems. The eligibility is based on monthly income. Medicaid is a rescue for individuals who loosed a middle-class job with employer-based insurance.
Buying Guidance for ACA:
ACA marketplace provides affordable options for many people. This will however depend on where a person lives and on the basis of they can access either the state marketplace or the federal marketplace. After losing job, there will be a special enrollment period for either option. In order to check whether one can afford a given plan one should check the following points:
- The maximum amount one can spend per month on a premium
- If there is any predictable health-care expenses or regular medications
On the basis of this, the calculations need to be made on how much the given plan will cost along with premiums, co-pays, deductibles, and co-insurance expenses.
Don’t lose hope:
Medicaid would help a lot of uninsured individuals. If in case a person doesn’t qualify for Medicaid, it may cost some money but health insurance coverage is a ticket to health care facilities in the United States. Without health insurance, one may face huge problems in getting medical care and may face huge medical debt.
ACA, a real rescue:
Affordable Care Act (ACA) is a huge help in providing health insurance coverage options who loosed jobs due to this current corona virus pandemic situation. It has helped the people to remain secured in terms of health-care needs even if they have loosed their jobs and lost all of their insurance facilities.