CareerBuilder CEO Irina Novoselsky breaks down which industries are in greatest demand, including trucks, healthcare and technology.
Tens of millions of Americans have joined the unemployment list in the past month, as the coronavirus pandemic forced an unprecedented shutdown of the nation’s economy, meaning that many workers likely also lost their health insurance.
More than 50 percent of Americans obtain their health insurance through their employer. Since mid-March, nearly 47 million Americans have sought unemployment aid. A recent analysis by the left-wing Institute for Economic Policy predicted that 3.5 million workers lost their insurance in the last two weeks of March.
WHAT HAPPENS TO YOUR HEALTH INSURANCE IF YOU LOSE YOUR JOB?
If you are among the laid off employees, be sure to check your current health insurance benefits, as coverage can last until the end of the month.
There are options for workers who lose their coverage.
If you don’t qualify for Medicaid, you may be eligible to get a plan through the Affordable Care Act Marketplace. People whose expected income for 2020 falls between 100 percent and 400 percent of the federal poverty level (for individuals, from $ 12,490 to $ 49,960) may qualify for subsidies on their insurance premiums.
WHAT IS MEDICAID?
If you are eligible for your spouse’s job coverage, you may not be able to get lower costs on a plan, based on your income. When you apply for health coverage through the market, you will need to report your expected unemployment compensation as income.
Average ACA costs are $ 331 a month for the lowest tier, according to the Kaiser Family Foundation.
Under current law, people who lose their jobs and employer-based insurance qualify for a special enrollment period through ObamaCare, but must provide proof that they lost their coverage. Generally, they must submit their application within 60 days of the loss of their job for coverage.
WHAT IS MEDICARE?
Twelve states – California, Colorado, Connecticut, Idaho, Maryland, Massachusetts, Minnesota, Nevada, New York, Rhode Island, Vermont, and Washington – and the District of Columbia that control their own market have established special enrollment periods to allow individuals get coverage
Another option for those who can pay it is COBRA, or the Consolidated Omnibus Budget Reconciliation Law. This generally allows workers in companies with 20 or more employees to extend their coverage for up to 18 months after losing their jobs. Individuals who select that option are responsible for paying both their own and their employer’s premium share, plus an additional fee.
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