If you lost your job and payment for coronavirus, you can become one more problem — lack of health insurance, writes The Penny Hoarder.
According to the economic policy Institute, 49% of Americans received insurance through their employer. By the end of summer, the economic situation because of the coronavirus will cause the loss of 3 million jobs.
If you are afraid of losing their jobs, or it has already happened, then the question of obtaining insurance must stand quite acute.
Looking ahead, we note that the risk of losing a job should not stop you from passing the test for the coronavirus if suddenly you have dangerous symptoms.
On 18 March, the US Congress passed the “Law on the response to the coronavirus in the family”, which provides free testing for COVID-19, regardless of whether you have insurance.
However, the law does not cover the cost of treatment of coronavirus, if you do not have insurance. And COVID-19 is only one of the possible problems, because how will you pay your medical bills?
So how to get health insurance if you lost your job because of a pandemic? There are several options:
Renewal of insurance from an employer
The possibility of this option depends entirely on your severance pay in case of dismissal. One of its paragraphs can be the extension of health insurance for a certain period specified in the contract. If you haven’t signed — it is necessary to clarify, does your agreement with the employer such an item and, if not, is it possible to make.
Such a bonus is a short-term solution to the problem, so do not delay finding a new job.
The law on the consolidated budget reconciliation of 1985 (COBRA) was signed by President Ronald Reagan. The essence lies in the fact that after his dismissal, workers have the right to extend the insurance. This option is often available to companies whose staff consists of 20 persons and more. COBRA provides employees with 60 days after the dismissal, during which they must decide whether to renew health insurance. Even if people initially refused this opportunity — in time and he might change his mind.
If you work for a company whose staff of fewer than 20 employees should contact the insurance Commissioner in your state to see if there is coverage for mini-COBRA in your area.
It is possible to extend the insurance for up to 18 months. Your spouse and people that are on your dependents may also use the medical services by the insurance up to three years, depending on a number of circumstances.
But there are pitfalls.
Payment of the amount the employer spends on the coverage of your insurance, now fall on your shoulders.
So, if your corporate insurance cost $400 a month, but your employer covers only 60% of this amount. So, now you have to pay $1000 plus 2% for administrative costs.
Most likely, it will be unaffordable expenses in the situation of pandemic, but if you liked your insurance so you will be able to use it on.
Registration in the program for 2020 has already closed, but if you lost your job recently, you can get to specially established 60-day deadline for filing. If you miss this period, then the following application will be possible only from 1 November to 15 December of the following year.
Note that the deadlines coincide with the COBRA, so you should decide which program suits you more.
The program offers multiple insurance plans, the basic from them, or “silver” costs $462 per month. But the amount can vary, if you, like 87% of Americans have any other payments, subsidies, shares in business, etc. the Final cost of insurance depends on the existence of private property, annual income and benefits you.
Fill in the application form on the website to find out what the insurance program you have to offer.
Before signing the documents for insurance, make sure that the policy covers treatment from COVID-19.
What to do if you have lost your health insurance?
The cost of insurance by law COBRA or program from Market health insurance (“health Exchange”) may seem so big that you will begin to think about how to and not to refuse insurance.
In the current situation in the country due to the coronavirus that’s not worth doing! The cost of treatment in case of infection with coronavirus may at times exceed the insurance settlement.
Some States have decided to officially extend the insurance of the citizens during the pandemic. To find out whether it works in your area, please visit the website.
On topic: More than 10 variants: in the United States to receive financial assistance during a pandemic COVID-19
However, if the payment is really too much for you, there are several important steps that should be undertaken.
If your former insurance meant the contributions to the funded health account, you can now use these funds to cover medical expenses even after the expiration of the policy. Also you can continue to Deposit money into this account. Funds in this account belongs to you only and will accumulate, in contrast to the Flexible Spending Account (“flexible expense account”), which operates on the principle of “funds should be used, or they “burn”.
Some States, such as new York, has suspended the collection of debts for medical care. Read more about this on the website.
If you still had to go in for emergency care without insurance, then you may have to go into debt. If you feel unwell, postpone going to the doctor, in consequence of your treatment costs may increase significantly.
It is worth noting. what medical companies, unlike banks and other creditors do not always report your debt to the credit Bureau information. So, your credit rating will not be affected.
Always inquire in advance about the cost of treatment and opportunity to participate in discount programs in the future to avoid the unpleasant surprise of getting bills from the hospital.
As previously wrote ForumDaily:
20 million Americans collect funds online to pay medical bills
Beware: how scammers are cashing in on the panic due to coronavirus
Coronavirus ruining the world: how many have to pay for the resuscitation of the economy
To help find a cure for COVID-19 can each of us: you need to play the game