See Your Options If You Lose Job-Based Health Insurance (2024)

If you lose job-based health insurance

If you lose job-based health insurance, you have 2 main options:

• Enroll in aplan through the Health Insurance Marketplace^®
• Sign up for COBRA coverage

Option 1: Enroll in a Marketplace plan

If you leave your job for any reason (even if you quit or get fired) and lose your job-based health insurance, you can enroll in a Marketplace plan. You’ll qualify for a Special Enrollment Period to enroll to get coverage for the rest of the year.

For this Special Enrollment Period, you need to apply for Marketplace coverage within 60 days of losing your job-based coverage. Your coverage can start the first day of the month after you lose your job-based coverage.

When you apply for coverage in the Marketplace, you’ll find out if you qualify for:

• Savings on your monthly premiums (called "

  A tax credit you can use to lower your monthly insurance payment (called your “premium”) when you enroll in a plan through the Health Insurance Marketplace®. Your tax credit is based on the income estimate and household information you put on your Marketplace application.

  See Also

  How Does Life Insurance Pay Out?The Tax Consequences of Employer-Provided Life InsuranceCan You Transfer Employer Life Insurance?Denials of Employer Sponsored Life Insurance Benefits

  Refer to glossary for more details.

  ") and extra savings on Marketplace coverage based on your income when you get covered services. Get details about these savings.
• Free or low-cost coverage from Medicaid or the Children’s Health Insurance Program (CHIP).

Option 2: Sign up for COBRA coverage

You may be able to keep your job-based health plan through COBRA continuation coverage.

COBRA coverage lets you pay to stay on your job-based health insurance for a limited time after your job ends (usually 18 months). You usually pay the full premium yourself, plus a small administrative fee.

• Contact your employer to learn about your COBRA options.
• If you've already signed up for COBRA coverage, find out if you can switch from COBRA to a Marketplace health plan.

More answers: If you lose job-based coverage