Of all the uncertainties you face, figuring out health insurance after losing your job can be one of the most stressful. If you rely on employer-based health insurance for a health emergency or long-term illness, the anxiety of how you will continue to protect yourself and your family can be overwhelming.

Fortunately, you have options for health insurance in Arizona. This blog article will outline several alternatives available to you and provide practical insights and assistance on staying protected during this stressful chapter in your life.

Understanding the Importance of Health Insurance Coverage

For several reasons, having health insurance after losing your job or in other transitional periods is vital for Arizonans. Primarily, health insurance provides financial protection against potentially overwhelming medical bills.

The right amount of coverage ensures that you and your family can access necessary healthcare services without the fear of exorbitant out-of-pocket expenses.

Moreover, most health insurance plans offer preventive care at no extra cost, promoting early detection and treatment of health issues.

Read More: Do Arizonans Need Health Insurance?

Health Insurance Options After Job Loss

Now that we have established why health insurance should remain a priority after job loss, we can move on to what options are available.

COBRA Coverage

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that allows you to maintain your previous employer’s health insurance after losing your job for up to 18 months following your dismissal.

However, under COBRA, you foot the entire premium cost. This means that you will need to pay the amount your former employer contributed to your health insurance premium in addition to your own (plus a 2% administrative fee in most cases).

These additional costs make COBRA a significantly more expensive, and thus impractical, solution for Arizonans who are in a financially vulnerable position due to losing employment.

AZ Health health insurance after losing your job fills the gap until you are reemployed

Health Insurance Marketplace

The Health Insurance Marketplace is an excellent platform for seeking health insurance after losing your job.

Under the Affordable Care Act (ACA), you qualify for a Special Enrollment Period (SEP) for 60 days after losing your employer-based insurance, allowing you to enroll in a new plan. Depending on your income, you may qualify for financial assistance, such as premium tax credits or cost-sharing reductions.

For many Arizonans, the tedious application process is the drawback of using the Health Insurance Marketplace. Don’t let the frustration of paperwork limit your ability to get affordable coverage – an independent health insurance broker can navigate the confusing requirements, free of charge. (More on that below!)

Learn More: What Options Are Available for Health Insurance for Low-Income Families in Arizona?

Arizona’s Medicaid Program

Arizona’s Medicaid Program, AHCCCS, offers free or low-cost health coverage to some low-income individuals, families, pregnant women, elderly adults, and people with disabilities.

If you’ve lost your income and insurance, you can apply on the AHCCC Arizona website to see if you qualify.

However, due to the nationwide Medicaid Rewind initiative following the end of the COVID-19 public health crisis, AHCCCS has returned to eligibility requirements that may exclude you from receiving these benefits.

Arizona Short-Term Health Plans

Short-term health insurance plans in Arizona offer a temporary solution for health insurance after losing your job or other gaps in coverage. These plans provide health insurance coverage for a specific period, typically up to 12 months, with renewal options for up to 36 months. However, they do not cover pre-existing conditions or offer the same level of coverage as standard health plans.

You Might Ask: Can I Get Health Insurance With Pre-Existing Conditions?

Private Insurers

One of the most common myths about the ACA is that Arizonans cannot obtain health insurance coverage outside the Health Insurance Marketplace. The Marketplace may be the right choice for health insurance after losing your job, but you may find that obtaining coverage through a private insurer is a better fit for your needs.

Of course, there are advantages and disadvantages to choosing a plan outside of the Marketplace. On the advantage side, you may have access to more affordable coverage. On the other hand, these insurance plans are not required to adhere to the ACA’s standards for minimum coverage, preventative services, or pre-existing conditions.

We highly recommend consulting an independent health insurance agent to explore which option is best for your situation.

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With So Many Options for Health Insurance After Losing Your Job, Can You Get Help?

Navigating the world of health insurance after losing your job can be complicated. Here’s where an independent health insurance broker can be invaluable. These professionals have extensive knowledge and experience in the health insurance field. They can guide you through different health insurance options, helping you make decisions based on your needs and circumstances.

Arizona Independent Health Insurance Brokers – Compassionate, Personalized Assistance in Your Neighborhood

Losing your job is one of the most stressful events we can endure. But remember, you do not have to face this time of uncertainty alone.

Scheduling a free consultation with a health insurance broker near you can be your first step toward a brighter tomorrow. Their common sense, compassion, and personalized services will guide you to the security of health insurance after losing your job.

Arizona Health Insurance Experts makes finding a broker near you a breeze with our exclusive, easy-to-use database of health insurance brokers in Arizona. Get started today!