Let’s face it, in uncertain times it can often be devastating to lose your job. No matter how much of a contingency plan you have in place, this can cause quite a blow to you and affect your morale.
At Conference Associates, Inc. (CAI), we are always here to help you during this emotional time and help you navigate its effects, which often include the loss of your health insurance. Our team will work with you to get a tangible plan in place to secure replacement coverage while investigating the temporary benefits that are usually extended for a certain amount of time. Rest assured that a federal law called the Emergency Medical Treatment and Active Labor Act (EMTALA) requires almost all hospitals to provide emergency medical treatment, regardless of whether the patient has health insurance, but note that they still may require some type of payment at a later date.
What Comes First?
Examine Your financial situation
Unless you have a new job prospect immediately on the horizon, it’s best to sit down and take a close look at your current financial situation and see what type of emergency funds you may have in place. Ideally you don’t want to tap into any long term savings, so take a close look at what items in your budget you can cut down on or temporarily remove. Also take a moment to examine the needs of each family member also covered by your current health coverage and identify any long term health issues that might warrant costs in the near future.
What is COBRA, and are you eligible to receive it?
Should you be notified that you have lost your job, we advise that you immediately inquire from your employer or the human resources department what existing benefits you have and how long they will remain in place, especially when it comes to healthcare coverage. Rest assured that there is a Federal Law that provides the ability to retain your insurance coverage for an extended period of time if certain criteria are met. This plan is formally referred to as COBRA (Consolidated Omnibus Budget Reconciliation Act) and can cover you and your dependents. Here are the COBRA “qualifying” events that will help to determine your eligibility. It’s helpful to keep in mind that there are strict rules and timelines that must be adhered to when COBRA is involved. It’s not the ideal situation as you are usually responsible for paying the full premium as well as a small administrative fee, but it allows you to at least have coverage and buy some time until you determine the next step for gaining your own health insurance. In other cases, an employer may offer to partially cover the plan costs as a part of your severance package.
You or a dependent may also want to investigate alternate coverage that you pay for on your own. In New York State, CAI offers some options including Limited Medical and Hospital Only, as well as other plans that offer options for individuals. We can also provide our expertise knowledge for those who may live out of the New York state area. Please take a moment to view the assorted Healthcare Insurance options and Helpful Resources listed on our site.
18 MONTH CONTINUATION
Your employment was terminated (unless you exhibited gross misconduct)
36 MONTH CONTINUATION
- Entitlement to Medicare
- Death of an employee (who declared you as a dependent)
- Divorce or legal separation (from an employee who declared you as an independent)
- Reduction in hours of employment (making you ineligible for full time benefits)
- Loss of dependent-child status (such as reaching the age limit or graduating college)
Keep your spirits up
While going through tough times, know that we at Conference Associates, Inc. are always here for you. As one of New York’s first and largest group insurance administrators, we have been providing insurance solutions for individuals and business owners for more than 60 years. People often turn to us in their time of need and have been grateful that our compassionate team was able to quickly and easily put them at ease while providing them with a full understanding of their options.
Give us a call at tel: +1(631)654-0600 so that we can help you to figure out what your next steps will be to secure healthcare coverage and give you the confidence needed to face the future. We’ll be glad to refer you to an agent in your area or service your needs directly. Either way, you’ll be assured of receiving professional guidance while making your decision on the best plan for you and your family.
