{"id":120812,"date":"2021-09-02T12:39:30","date_gmt":"2021-09-02T12:39:30","guid":{"rendered":"https:\/\/fin2me.com\/?p=120812"},"modified":"2021-09-02T12:39:30","modified_gmt":"2021-09-02T12:39:30","slug":"the-6-month-federal-health-insurance-subsidy-for-jobless-americans-is-ending-heres-what-to-do-next","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/the-6-month-federal-health-insurance-subsidy-for-jobless-americans-is-ending-heres-what-to-do-next\/","title":{"rendered":"The 6-month federal health insurance subsidy for jobless Americans is ending. Here&#x27;s what to do next"},"content":{"rendered":"<ul>\n<li>The government&#x27;s subsidized health insurance coverage through COBRA will end this month.<\/li>\n<li>Here&#x27;s what you need to know if you were relying on it. <\/li>\n<\/ul>\n<p>The federal government&#x27;s subsidized health insurance coverage for those unemployed during the pandemic, facilitated through the Consolidated Omnibus Budget Reconciliation Act, or COBRA, will end this month.<\/p>\n<p>As a result, if you&#x27;ve been using that option, health advocates say now is the time to start thinking about other insurance options come October.<\/p>\n<p>The\u00a0$1.9 trillion stimulus package passed in March, dubbed the American Rescue Plan, included\u00a0a provision\u00a0that offered many unemployed workers free health insurance coverage through COBRA for six months, starting April 1.<\/p>\n<p>COBRA allows people who leave a company\u00a0to remain on their workplace insurance plan, but\u00a0it&#x27;s usually prohibitively expensive\u00a0because it requires an individual to cover their own usual share of their monthly premium, plus the part their former employer was paying.<\/p>\n<p>The typical annual premium for job-based coverage in 2020 was $7,470 for individuals and $21,342 for families,\u00a0according\u00a0to the Kaiser Family Foundation.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>What Social Security funds&#x27; new depletion dates could mean for benefits<br \/>How to invest with the environment in mind<br \/>How retirement plan tax breaks may widen racial wealth gaps<\/p>\n<p>There was a huge demand for the six-month subsidy, according to experts. After all, more than 16 million people lost their employer-sponsored health insurance during the pandemic, one estimate found.<\/p>\n<p>Those who&#x27;ve been relying on the coverage should get a warning from their former employer or insurer that the subsidy period is ending. In that notice, you&#x27;ll be able to see what your monthly bill will be without the government&#x27;s help.<\/p>\n<p>If you find the new premium unaffordable, which may be the case for some, you&#x27;ll be entitled to a special 60-day enrollment period on the Affordable Care Act&#x27;s marketplace, said Sabrina Corlette, co-director of the Center on Health Insurance Reforms at Georgetown University&#x27;s McCourt School of Public Policy. (To avoid a gap in coverage, experts recommend you report your upcoming loss of COBRA coverage as soon as possible.)<\/p>\n<p>If you&#x27;ve been approved for unemployment benefits for a week or more at any point in 2021, you may qualify for a plan with a $0 monthly premium, Corlette explained, thanks to beefed up tax credits approved under the American Rescue Plan.<\/p>\n<p>If your income is low enough, you may qualify for Medicaid.<\/p>\n<p>&quot;It makes sense for anyone who is eligible, given how generous the coverage is,&quot; Corlette said.<\/p>\n<p>If you&#x27;ve been re-hired at a new company already, you can also speak to your human resources department about getting employer-sponsored health insurance coverage.<\/p>\n<p>However, you may have to wait for this option.<\/p>\n<p>&quot;They may have missed their window to enroll,&quot; Corlette said. &quot;The federal special enrollment period only is available for marketplace plans.&quot;<\/p>\n<p>You may be able to stay on COBRA if you can afford the premiums, although keep in mind that there&#x27;s usually an 18-month limit to this option, said Laurel Lucia, director of the Health Care Program at the University of California Berkeley&#x27;s Center for Labor Research and Education.<\/p>\n<p>The National Patient Advocate Foundation has compiled a guide comparing different health insurance plans. You can also consult with a local health-care\u00a0&quot;navigator.&quot;\u00a0<\/p>\n<p>In the meantime, health experts recommend making appointments with your go-to doctors now for any needed or desired treatments, before you start with a new plan next month. That&#x27;s because your current providers may no longer be covered.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/09\/02\/the-6-month-federal-health-insurance-subsidy-for-unemployed-is-ending-.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government&#x27;s subsidized health insurance coverage through COBRA will end this month. Here&#x27;s what you need to know if you were relying on it. 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