Because of the coronavirus pandemic, several states are offering a special enrollment period for anyone to sign up for coverage over the next few months, even if they didn't lose employer coverage. Maryland, for example, is offering a special enrollment period until June 15. If your state is opening up coverage to everyone, you may not need to provide evidence of the job loss. You can find links to the marketplace for your state through healthcare.gov.
Compare the cost of getting your own coverage with the premiums for COBRA. The individual policy may have different coverage and providers, and you'll need to start the deductible period again. Depending on your income and the number of people in your household, you may qualify for a subsidy to help pay the premiums. Single people can qualify for a 2020 subsidy if their income for the year is less than $49,960; couples can qualify with income of less than $67,640. The tools at your state's marketplace can help you calculate your subsidy and premiums.
You need to estimate your 2020 income to get a subsidy now, which can be difficult during this uncertain time. If you end up going back to work and earning more than expected before year-end, you may need to pay back some of the subsidy when you file your 2020 income tax return. “There may be people who go ahead and file for a subsidy, which might help them economically now, and if at the end of the year they end up doing better than anticipated, hopefully they will have enough money to pay that tax bill,” says Sakamoto.
The subsidy can make a big difference for people over age 50 who qualify. “The older you get in the individual market, the higher the premiums. Especially from ages 55 to 64, those premiums really ramp up a lot,” says Barkett. “But your subsidy might make the plan affordable."
Another option: Depending on your income and your state's rules, you may qualify for Medicaid. Go to your state marketplace or state Medicaid office for more information.
Find out if you can get coverage through your spouse's employer
If your spouse (or domestic partner, under some plans) has coverage through their employer, you may be able to be added as a dependent mid-year because you lost your coverage. Find out how much extra the coverage will cost.
Sign up for Medicare (or add Part B) if you're 65 or older
If you're 65 or older, you can sign up for Medicare. If you signed up for Medicare Part A when you turned 65 but hadn't signed up for Part B because you were working, you have up to eight months after you leave your job and lose that coverage to add Medicare Part B.
People who want to enroll in Medicare at 65 can sign up online at the Social Security website even if they don't plan to sign up for Social Security yet. Signing up for Medicare online can be particularly helpful now that Social Security field offices are closed because of the coronavirus, says Diane Omdahl, president of 65 Incorporated, which helps people navigate Medicare. If you didn't sign up at 65 because you were still working, you can't enroll online because you need to submit extra paperwork showing that you had coverage through your employer, but you can mail in the forms to Social Security, says Omdahl.
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