A job loss ranks among the top five most stressful events in life, and the efforts to prevent the spread of COVID-19 is delivering job losses by the millions. While the loss of employment brings immediate concern over lost wages and stress about how to pay upcoming bills, US workers also face the likelihood that a layoff could also mean a loss of life and health insurance. Here’s options to review now:
Without employer-sponsored insurance, workers have options to maintain health care coverage:
In many cases, consumers can receive government-subsidized payments, which help with the cost of a policy during a job loss. For example, a family of four, earning $50,000 a year could receive $4,925 toward premiums, which is typically more than half the cost of a policy. Lower earners will receive a more substantial subsidy. In some cases, the allowance could include the full premium.
HealthSherpa.com offers a simple way to compare policies and enroll in a plan. All affordable care act (ACA) compliant plans will pay for all medically necessary treatments due to COVID-19.
The loss of life and health insurance can become a significant financial burden as families struggle to cover premiums during unemployment. However, they are essential insurance coverages to maintain during a deadly pandemic. The Marketplace provides subsidies for families that meet the income requirements, which could ease the financial burden of providing health insurance during the epidemic.
The American Fair Credit Council (AFCC) is a non-profit trade association representing consumer credit advocates who work on behalf consumers seeking to resolve their debts through the process of negotiation and settlement. AFCC Member Companies operate under a “No Advance Fee” model, and never charge a fee to consumers until a debt has been resolved. AFCC Members must also adhere to a strict “Code of Conduct”, ensuring they operate with the highest level of compliance, transparency and integrity. If you are currently experiencing a financial hardship, and having trouble making payments, you may locate a member company using our online search tool to learn more about programs to help you resolve your debt.