Are you unemployed, and you are worried about the cost of paying for your basic health care needs? If your answer to that question is yes, then you are on the right page. In the USA, everyone is entitled to health insurance irrespective of their employment status. As an unemployed person in the USA, you can access health insurance through various subsidy programs offered by the federal government. However, accessing these health insurance subsidies is not an automatic process. You may need to consult with a professional to learn how to go about it. To know more on how to go about it, you can get health insurance information at the San Angelo Pronto Insurance website.
What Health Insurance Is Available To The Unemployed?
There are several subsidized health insurance plans available for the unemployed in the United States. Most States in the USA activate their unemployment-based subsidies between May to June. These subsidies are to be made available to unemployed people as long as they have gotten unemployment compensation for the year. However, for those who didn’t enroll or update their account in June or May, the subsidy will be effective by the 1st of August once they subscribe to a marketplace plan or have their account updated between July 1 and July 31.
The unemployment-based subsidies are given in two folds and are available to all residents of the country. This means that all health insurance subscribers can enjoy full premium subsidies and have all their health costs covered based on their benchmark plan costs.
How You Quality for Health Insurance Subsidies When Unemployed
These subsidies are provided to the unemployed through the health insurance marketplace. Here, your household size and income will determine the coverage you qualify for. So when you apply for insurance on the marketplace, your current income for the year will be estimated. You also stand a chance of enjoying free low-cost or free insurance coverage through the Children’s Health Insurance Program and Medicaid.
How to Know the Unemployed Plan You Qualify For
As long as you are unemployed, you can get access to Marketplace insurance plans, Medicaid, and the Children’s Health Insurance Program. But you will need to fill out an application to determine the plan you qualify for. Once your application has been concluded, you will be notified of what you and your family qualify for.
To qualify for a Marketplace insurance plan, your income and household size will be examined irrespective of your employment status. If you have a low income, you might get to pay small premiums but still qualify for premium health saving account and tax credits on most out-of-pocket costs, deductibles, and copayments. Medicaid is available to Americans with disabilities or limited incomes, while the Children’s Health Insurance Program covers children, as well as pregnant women in some states.
Claiming Your Extra Subsidies
It might be a little difficult to claim your extra subsidies because these subsidies are not automatically updated on HealthCare.gov. It takes a while before these updates are available. To see if these subsidies have been made available, you’ll have to visit HealthCare.gov to update your online application. This activates the subsidies, and you can then enjoy them. Another way of claiming these subsidies is by using a direct enrolment entity.
If it is indicated by the applicants that they will be getting unemployment compensation in the year, additional subsidies are automatically given to them by some states. However, you might still need to re-log into your online account to verify if all benefits you are eligible for are being received if you reside in a state that runs its exchange. Your subsidies should take effect from August 1 if you update your account or have enrolled from 1st to 31st of July.
In most states, there are provisions for those who enroll after the month of July. This is considered the special enrolment period due to COVID-19.
How to Enjoy Full Benefits
Generally, the subsidy you will be awarded can’t be more than what your initial plan costs. Therefore, you might have to switch plans to enjoy your full benefits. However, you must keep in mind that when you switch plans mid-year, in most cases, it means you are starting all over again and would lose your accumulated out-of-pocket costs.
To take full advantage of your health insurance subsidy and other benefits you are entitled to as an unemployed American, you should speak with a professional insurance broker. They can provide you with all the information you need.