What You Need To Know When You Lose Your State Funded Health Insurance
Posted on: 12 October 2015
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If you have been on state health insurance and you are going to be losing your benefits, then you will need to find health coverage for yourself and your family. This article will help to answer some of the more commonly asked questions.
Do you have to wait for open enrollment?
There are only certain times of the year when you can sign up for health insurance in the open market. However, the good news is that you will be able to sign up at any time of the year if you have recently lost your current coverage. You do need to be aware that you only have 60 days to sign up after you lose your state policy. After this, you will need to wait for open enrollment or sign up for temporary insurance.
Can you get help with the premiums?
It can be hard to make the switch from state insurance to paying for your insurance out of pocket. However, help is still available so you can purchase the coverage without too big of a burden. When you go to sign up for insurance, you will be asked to provide your annual income. If your income meets certain criteria for the size of your household, then you will receive a tax credit. This credit will be immediately applied to the monthly cost of your coverage, helping to make it more affordable.
Who can be added to your insurance policy?
You will be able to add your spouse and dependents to your policy at the time you sign up for it. Your children can be kept on your insurance policy until they turn 26 years of age. After they turn 26, they will be required to purchase their own health insurance.
What type of plans are available?
You will be able to choose from different types of plans. The plans start out at ones with lower monthly fees with higher deductibles and copays, they go up to plans that cost you more monthly but offer you cheaper deductibles and copays. You will need to determine which plan is the best one for you by weighing out the options along with your budget.
Now that you have a better understanding of what to look for with regards to health insurance, you will have an easier time transitioning from state medical insurance and getting traditional insurance for yourself and your family members.
To learn more, contact an insurance company like Bailey Insurance Services.