Latest news with #COBRA
Yahoo
2 days ago
- Business
- Yahoo
Calfee Welcomes Erin E. Shick, Employee Benefits and Executive Compensation Partner
Shick Joins Calfee's Cincinnati Office Erin E. Shick, Employee Benefits and Executive Compensation Partner Cleveland, June 04, 2025 (GLOBE NEWSWIRE) -- The law firm of Calfee, Halter & Griswold LLP is pleased to announce that Erin E. Shick has returned to the firm as a Partner with the Employee Benefits and Executive Compensation practice group. Shick will work from the firm's Cincinnati office advising plan sponsors on compliance issues primarily related to ERISA, COBRA, HIPAA, the ACA, and the Internal Revenue Code. Shick assists clients with the design, implementation and operation of qualified retirement, health and welfare, and fringe benefit plans. She performs employee benefits due diligence in the context of mergers and acquisitions. Shick also handles executive compensation matters including 409A compliance, nonqualified plans and severance agreements. She regularly advises benefits committees, boards of directors and plan trustees regarding fiduciary and administrative obligations with respect to benefit plans. In addition to her significant background in establishing and advising on compliance matters related to Employee Stock Ownership Plans (ESOPs), Shick helped establish some of the nation's first ESOPs in the cannabis industry. Shick re-joined Calfee in 2025, from the Cincinnati office of a large national law firm, where she served as a Partner. Shick earned her J.D., summa cum laude, from the University of Cincinnati College of Law, where she was a member of the Order of the Coif honor society. She earned her B.A. in Politics, cum laude, from Hillsdale College. 'I am thrilled to be rejoining the Employee Benefits and Executive Compensation group at Calfee," said Shick. "I am excited to add my knowledge and expertise to a top-tier practice group and continue to provide excellent service to our clients.' With 15+ experienced attorneys, Calfee's nationally recognized Employee Benefits and Executive Compensation, Employee Benefits/ERISA Litigation, and ESOP Formation and Operation practice teams handle a significant number of complex and sophisticated legal matters for clients across the country and globally. The firm's employee benefits attorneys are experienced in all types of benefit plans, including defined benefit pension plans, 401(k) plans, ESOPs, executive compensation arrangements, welfare plans, Voluntary Employees' Beneficiary Associations (VEBAs), governmental plans, church plans, 403(b) plans and 457(b) plans. Areas of recent growth include forming ESOPs and pooled employer plans and negotiating pharmacy benefit management contracts. Calfee represents publicly and privately held corporations, nonprofit organizations, banks and trust departments, and government entities in all phases of designing and administering employee benefit programs and related tax and fiduciary duty issues. Calfee has been recognized as a Leading Law Firm for Employee Benefits and Executive Compensation by Chambers USA, most recently in Band 2 in Ohio (2024). "We are delighted to have Erin rejoin Calfee and our Employee Benefits and Executive Compensation Practice Group. Erin is an exceptional attorney, with a high level of expertise in all benefits areas – group health and welfare plans, defined benefit pension plans, profit-sharing and 401(k) plans, ESOPs, top hat plans, and equity and long-term incentive plans. She also regularly assists clients in handling challenging benefits issues, including in mergers and acquisitions. Erin's broad skillset and experience at national and multinational law firms will further strengthen our highly ranked Employee Benefits practice group and help drive outstanding results for our clients," said Robert A. (Bob) Miller, Partner and Chair of Calfee's Employee Benefits and Executive Compensation practice group. Calfee regularly advises large employers and governmental retirement systems on designing and administering their employee benefit plans, including drafting plan documents and summary plan descriptions, administering claims requests and appeals, and negotiating with recordkeepers, third-party plan administrators, pharmacy benefit managers, and other service providers. In addition, Calfee advises clients with large pension plans and 401(k) plans on matters related to the investment of their plan assets, such as investment manager and adviser arrangements, investments in private equity and hedge funds, transition management arrangements, and compliance with regulatory requirements. 'Calfee continues to attract top local talent as we strategically grow our Cincinnati office, and we are thrilled to have Erin join Calfee as our newest partner,' said John A. Mongelluzzo, Partner-in-Charge of Calfee's Cincinnati office. 'Erin's knowledge and experience are great additions to our firm's robust ERISA practice, and she will further enhance Calfee's ability to meet the unique needs of our clients.' About Calfee, Halter & Griswold LLP Calfee, Halter & Griswold LLP is a full-service, corporate law firm with 160 attorneys and professionals and five offices in Cleveland, Columbus, Cincinnati, Indianapolis, and Washington, D.C. Calfee serves clients in the Midwest, nationally and globally in the areas of Corporate and Finance, Employee Benefits and Executive Compensation, Energy and Utilities, Estate and Succession Planning and Administration, Government Relations and Legislation, Intellectual Property, Investment Management Law, Labor and Employment, Litigation, and Real Estate Law. Calfee has been recognized as a leading law firm by the Chambers USA 2024 Legal Guide in Antitrust, Banking & Finance, Bankruptcy/Restructuring, Corporate/M&A, Employee Benefits & Executive Compensation, Energy & Natural Resources, Environment, Government Relations: State & Local, Insurance: Policyholder, Intellectual Property, Investment Funds: Regulatory & Compliance, Labor & Employment, Litigation: General Commercial, Litigation: White-Collar Crime & Government Investigations, and Real Estate Law and by the Chambers High Net Worth 2024 Guide in Private Wealth Law. A founding member of Lex Mundi, Calfee offers international representation through a network of independent law firms with access to 22,000 attorneys located in more than 125 countries. Additional information is available at Attachment Erin E. Shick, Employee Benefits and Executive Compensation Partner CONTACT: Susan M. Kurz Calfee, Halter & Griswold LLP 2166228346 skurz@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
2 days ago
- Business
- Newsweek
Medicare Penalties Would Change for 700,000 Seniors Under New Bill
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Members of Congress reintroduced the Medicare Economic Security Solutions Act in Washington, D.C., proposing sweeping reforms to Medicare Part B late enrollment penalties. The legislation would limit penalties to 15 percent of the monthly premium and restrict their duration while also removing penalties for individuals who delayed enrollment due to other coverage, such as COBRA, retiree plans, or Veterans Affairs (VA) benefits. Why It Matters More than 700,000 Medicare beneficiaries currently face permanent increases in their Part B premiums because of late enrollment, with average penalties reaching 30 percent. As more Americans work beyond age 65 and delay claiming Social Security, confusion about Medicare enrollment deadlines has become increasingly costly. The bill aims to simplify enrollment, encourage continued employment among seniors, and shield vulnerable populations from financial hardship due to administrative mistakes or legitimate coverage choices. The reforms could deliver significant relief to older Americans, many of whom live on fixed incomes and struggle to afford healthcare. U.S. Rep. Nikema Williams (D-GA) speaks during a rally at the Fight Colorectal Cancer "United in Blue" flag installation on the National Mall to spotlight the rise in young adult Colorectal cancer cases on... U.S. Rep. Nikema Williams (D-GA) speaks during a rally at the Fight Colorectal Cancer "United in Blue" flag installation on the National Mall to spotlight the rise in young adult Colorectal cancer cases on March 10, 2025, in Washington, D.C. Morefor Fight Colorectal Cancer What To Know The Medicare Economic Security Solutions Act would amend Title XVIII of the Social Security Act to cap the Medicare Part B late enrollment penalty at 15 percent of the monthly premium. The penalty would apply only for a period twice as long as the duration an individual went without coverage after becoming eligible, replacing the current system that applies a 10 percent penalty for each full 12-month period of delay—often for life. The new rules would apply to premiums paid for months beginning after a 90-day waiting period post-enactment. The Act would exclude from penalty calculations any months during which a person had employer-sponsored COBRA, retiree health coverage, or VA health coverage. Under the current law, only periods of active employment with employer coverage are exempt, leaving some retirees and veterans exposed to penalties even if continuously covered. The bill would also broaden special enrollment periods for Medicare Part B, applying not only to those leaving active employment but to those whose COBRA or retiree coverage terminates. This change would allow more Americans to enroll without penalty when transitioning from such plans, addressing gaps left by the current rules. Medicare's enrollment system has become more confusing as the population works longer and many delay Social Security benefits. Unlike those automatically enrolled in both Social Security and Medicare, individuals who work beyond 65 and have alternative insurance must actively enroll in Medicare Part B. Those who miss the window face harsh, lifetime penalties. "The Late Enrollment penalties in Medicare are confusing and can be hefty. Parts A, B, and D each have their own penalty calculations and timeframes, with Part B being the costliest," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "The current law is a 10 percent penalty for each 12-month period of non-enrollment, and that penalty continues to be assessed each you carry Part B—quite possibly the rest of your life." A previous version of the bill introduced in 2024 garnered bipartisan support, with 12 Democrats signing onto it and two Republicans. Representative Kim Young, a Republican from California, supported the bill in 2024 and is also a co-sponsor of the current legislation along with Representative Nikema Williams, a Democrat from Georgia. This bill arrives alongside broader Congressional debates over Medicare reform, including proposals in the One Big Beautiful Bill Act that would reshape eligibility, hospital support, and funding mechanisms. What People Are Saying Representative Kim Young, a Republican from California, said in a statement: "Seniors shouldn't be punished for working later in life. Unfortunately, Americans can face higher fees for delaying Medicare enrollment. The Medicare Economic Security Solutions Act will cap these unnecessary, burdensome fees hurting seniors already struggling on fixed income." Representative Nikema Williams, a Democrat from Georgia, said in a statement: "Seniors in Georgia's Fighting Fifth and across the country are finding themselves hit with surprise fees simply because they didn't know all the rules about signing up for Medicare. It doesn't have to be this way. The Medicare Economic Security Solutions Act makes sure seniors who continued to work are not unnecessarily punished for missing confusing deadlines. This bill is about protecting our seniors and helping them get the care they've earned." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Most late enrollees miss the deadline because of confusion around still-working exceptions and the Special Enrollment Period once employment and group health coverage ends. It is typically an honest mistake that results in egregious penalties. This bill is a step in the right direction for our senior citizens, and with bipartisan sponsorship it has a good chance to pass." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "It would be welcome news to any recipients who find themselves in one of these situations and, with many concerned about potential cuts to Medicare and Medicaid, it would be a positive development to share." What Happens Next The Medicare Economic Security Solutions Act awaits action in Congress, where it must pass committees and secure majorities in both chambers before becoming law. "Fears of growing deficits could through cold water on the proposal, as while no one wants to pay penalties, those dollars are ones the federal government can't afford to discard at this time," Beene said. If enacted, its provisions would take effect after a 90-day transition period, delivering prompt changes to Medicare penalty rules for eligible seniors.
Health Line
3 days ago
- Business
- Health Line
What Are the 3 Enrollment Periods for Medicare?
Medicare has an initial enrollment period around your birth month, open enrollment toward the end of the year, and special enrollment periods that vary depending on your circumstances. Medicare enrollment periods happen at the same time each year and allow multiple opportunities to evaluate your healthcare coverage. Depending on your circumstances, you may need to enroll during a specific enrollment period. Medicare open enrollment period (OEP) Medicare's open enrollment period (OEP) runs from October 15 to December 7 each year. During open enrollment, you can change coverage within Medicare. For example, you can: When do OEP changes take effect? If you change your Medicare coverage during the annual open enrollment, your old coverage will end, and your new coverage will start on January 1 of the following year. This means that if you made a change on November 3, 2025, it will take effect on January 1, 2026. Medicare special enrollment period (SEP) If you miss the 7-month window of your IEP, you may have an opportunity to sign up for Medicare during a special enrollment period (SEP). You may be eligible for a SEP in the following instances. You have alternative insurance that will soon end If you have group health insurance through an employer or union, COBRA, Medicaid, or other insurance that will soon end, this allows you to sign up anytime outside of your IEP. You can sign up for: Original Medicare Medicare Advantage Part D prescription drug plans You will have 2 to 3 months from the time your coverage ends to enroll in a new plan. But the exact timeframe will depend on your exact situation. You change address If you move state, move back to the United States after being abroad for a period of time, were incarcerated, or move out of a nursing home or rehabilitation facility, you may be able to: enroll in Original Medicare switch to a new Medicare Advantage plan that's available in your area switch back to Original Medicare from Medicare Advantage join a Part D prescription drug plan You'll have around 2 months to enroll or make plan changes. But the exact time will depend on your individual circumstances. Your plan's Medicare contract changes or ends There are instances where your plan may become unavailable. This could be for various reasons, each with its own rules: Medicare imposes a sanction on a plan: In this instance, you can switch plans from the time the sanction is imposed until it's removed. The state takes over the plan for financial reasons: You can switch plans from when the state takes over until they hand it back to the company. The plan's Medicare contract ends: Your opportunity to switch starts 2 months before the plan's Medicare contract ends, and ends 1 full month later. The plan's contract is not renewed: In this instance, you can enroll in a new plan between December 8 and the last day of February. Other circumstances may entitle you to a SEP, so it's important to contact Medicare or your plan provider if you have any enrollment questions. Medicare general enrollment period (GEP) This period runs from January 1 to March 31 each year. Your coverage starts the month after you sign up. But if you're not eligible for a SEP, you might pay a monthly late enrollment penalty. If you already have a Medicare Advantage plan, this period is also known as the Medicare Advantage open enrollment period. You can: switch to another Medicare Advantage Plan leave a Medicare Advantage Plan to return to Original Medicare (In this instance, you'll also be able to join a separate Medicare Part D prescription drug plan.) Exceptions to initial enrollment periods People with specific disabilities can enroll in Medicare, even if they're under age 65. If you're eligible for Medicare because you have amyotrophic lateral sclerosis (ALS), you'll be automatically enrolled the first month you receive Social Security Disability Insurance (SSDI). If you have end stage renal disease (ESRD), your Medicare coverage usually begins after 3 months of dialysis, though you may have to complete forms to enroll. If you have another disability and receive SSDI, you'll be automatically enrolled after 24 months. The bottom line There are three main Medicare sign-up periods: IEP: The IEP is a 7-month period beginning 3 months before your 65th birthday month and including your 65th birthday month through 3 months after your 65th birthday month. OEP: This occurs from October 15 through December 7 each year for people needing to change coverage within Medicare. GEP or Medicare Advantage open enrollment period: This runs from January 1 through March 31 every year for people who missed their IEP. Late enrollment penalties may apply if you don't qualify for a SEP. This period is also for those who want to switch or leave their Medicare Advantage plan. A SEP is also available, but the timings of these will vary based on your circumstances, such as employer-based group health plans ending or returning to the U.S. from overseas. You can apply for Medicare during one of these windows.
Miami Herald
28-05-2025
- Business
- Miami Herald
What to do when your spouse loses their job
If you depend on your spouse's job to help cover your day-to-day expenses and save for the future, it can be hard to hear that they've been let go at work. And you may not be sure what to do when your spouse loses their job. Once you've gotten over the shock, there are steps you can take together to get through this shakeup. Here's a comprehensive rundown from Freedom Debt Relief of what to do when your spouse loses their job. Key Takeaways: When your spouse loses their job, it can have a financial and an emotional out health insurance and unemployment benefits for ways to cut spending, and to support your spouse in their job search. The First Things To Do When Your Spouse Loses Their Job Supporting your spouse when they lose their job can make a tough situation easier. Your spouse may need at least a few days to get over the shock and regroup. Give your spouse some space to wallow, and encourage them when they're feeling down. But also focus on these moves. Figure out health insurance If you relied on your spouse's job for health insurance, you need to figure out another way to get coverage. If you're working, see if you and your spouse can get onto your employer-sponsored plan. If that's not an option, consider COBRA (a law that lets you continue employer-sponsored coverage, if you pick up the employer's part of the cost) or more affordable solutions like the Affordable Care Act Marketplace. You can also find out if you qualify for Medicaid. Sign up for unemployment benefits Do this right away because there's often a mandatory waiting period after you file before benefits kick in. Unemployment benefits won't replace your spouse's paycheck in full when they lose their job, but they can replace a portion. You're generally eligible for unemployment benefits when you lose a job through no fault of your own. Benefits are usually paid weekly, and the amount you get depends on your state and your former salary. Find out about severance It may be that your spouse is entitled to a severance package, which could put some money in your pockets while they begin a job search. Encourage your spouse to talk to their human resources department for details. Find out whether your spouse can cash out unused sick or vacation time If your spouse accrued sick or vacation days that they didn't use by the time they were laid off, they may be eligible to get paid for that time. This, too, is a question for the human resources department. Get on a budget It's important to maximize your joint income when a spouse loses their job. Create a budget and aim to find expenses you can cut back on temporarily. You may be able to pause subscriptions, a gym membership, or even your mortgage payments if you're in the midst of a financial hardship. Assess your savings If you have an emergency fund with enough money to cover a few months of bills, see if that can take some of the pressure off while your spouse regroups. You should still get onto a budget and trim expenses, but it's helpful to know how long your savings can sustain you. Know your rights If you think your partner was discriminated against in the course of losing their job, there may be something you can do. Check with your state's Department of Labor or search online for legal aid groups. You can also contact employment attorneys. Many offer a free consultation in which they offer an opinion on whether you should move forward with a case against the employer. Priorities to Focus On During the Job Search When you get upsetting news, it can be tough to deal with at first. But after the reality of unemployment has set in and a few weeks have passed, consider doing the following. Get a handle on your debt While debt management with a loss of income is hard, it's not impossible. If you can no longer make your debt payments, contact your creditors and lenders to find out what options are available. They may allow you to make partial payments or defer your payments, especially if you've always paid on time. You can also potentially avoid adding to your debt by dipping into your emergency fund or picking up a side gig to pay for basic expenses. Support your spouse's job hunt There are a few ways you can help your spouse while they look for a new job. Be a sounding board for resume updates. Keep your eye out on sites like Indeed, LinkedIn, and Monster for positions that you think may pique their interest, or that might be something new to consider. Reach out to your professional and social network to drum up leads. Most importantly, help keep your spouse's spirits high, and reassure them that they will eventually land a job. Stay mentally and physically healthy It's important to keep your spirits-and your spouse's-up when they lose their job. Having no routine could be tough on your spouse, so try to find ways to get them moving and out of the house. That could mean going for a walk together every evening when you get home from work, or finding an online yoga class. Tap career resources Your spouse may be eligible for employment and training programs offered by your city or state. Or there may be free courses online that can help your spouse boost their skills. Help them look into their options so they don't feel like they're going through this alone. Strategies for Getting Through a Long Job Search You can hope that your spouse will find a job pretty quickly after losing one. But that may not happen. Many employers have lengthy interview processes that can take months to complete. And also, it's important for your spouse to find a new job that's a good fit. But if your spouse's job hunt seems to have stalled, you can do the following. Help your spouse change industries If your spouse hasn't been able to find work in their field, it may be time for them to consider expanding their horizons and changing industries. Find out which industries are in high demand, and discuss those options. If your spouse expresses interest in one of them, there may be training and education programs to enroll in. Try to frame your spouse's career change as an exciting opportunity, as opposed to something they're doing out of necessity. Rethink near-term financial goals You may have had plans to remodel or buy a home, pay off your car, or start a college fund for your children this year. Your spouse's unemployment may force you to temporarily rethink your financial plans. But remind yourselves that you're not giving up on your goals-you're just shifting them a bit due to circumstances outside your control. See if you're eligible for government benefits If your household income has taken a big hit, you may be eligible for certain benefits you weren't entitled to before. These could include Medicaid and SNAP. Research whether moving might help If your spouse is having a hard time finding work where you live, it may be time to consider a move. Or you may decide to move to lower your costs while your spouse is in the midst of a career transition. Research different parts of the country together to see what options you have. Be creative about income If it's been a while since your spouse collected a paycheck and their unemployment benefits are running out, find creative ways to boost your income. Rent out an in-law unit you don't use; sell stuff you no longer want or need; get a part-time job; and do whatever else you can think of to make some extra money. And remember: This too shall pass. Be a sounding board Being unemployed long-term can be tough, but your support can get your spouse through it. Commit to being a sounding board throughout their job search. Celebrate their wins, like getting interviews, and let them vent when they're down, like when they're passed over for another candidate. Consider debt relief If the loss of your spouse's job has made your debt situation worse, it may be time to explore options for debt relief. A debt relief company can help explain your choices, and help you find a solution that can put you on the path to a better financial future. Frequently Asked Questions Will losing a job hurt my credit score? The loss of a job won't directly affect your credit score, since employment isn't a factor in calculating it. But the loss of income you experience could cause you to fall behind on your debts. That, in turn, could result in a lower credit score. Can I pause my debt payments if I've lost my job? That's up to your lenders and credit card issuers. Contact them and let them know your situation. They may agree to pausing your payments for a time without reporting you to the credit bureaus as delinquent on your debt. Should I take out a loan if I've lost my job to cover my expenses? It can be tricky to qualify for a loan if you don't have an income. Plus, you might struggle to pay the loan back if you aren't working. This story was produced by Freedom Debt Relief and reviewed and distributed by Stacker. © Stacker Media, LLC.
Miami Herald
27-05-2025
- Health
- Miami Herald
7 health insurance options to consider before leaving a job and coverage expires
7 health insurance options to consider before leaving a job and coverage expires Employment-based health insurance is the most common type of coverage in the U.S., so quitting a job is likely to affect your insurance status. It's a good idea to explore your insurance options before you quit your job and your coverage expires. If you don't plan properly, you could have a gap in coverage. You could also face high out-of-pocket costs for doctor visits, prescriptions, and emergency care-or delayed care or the lack of healthcare-during the time you don't have insurance. Proper planning could save you money and lead you to a health plan that's a good fit for you, GoodRx notes. It's important to know that you have options. If you intend to quit your job, keep reading to find out what you need to know to ensure that you continue to have access to health insurance. Key takeaways: If you have an employment-based insurance plan, coverage typically ends on your last day of work or the last day of the month in which you leave your may be able to retain coverage through your employer's health plan for 18 months or longer with COBRA, but this option is often on your age, income, and other factors, you may be eligible for an Affordable Care Act plan, Medicaid, or Medicare, or you may be able to join a relative's health plan. When you quit a job, what happens to your health insurance? In most cases, employment-based health insurance ends when you quit your job, but this depends on the type of coverage. For example, if your employer had 20 or more workers and offered group health insurance, you may be eligible to enroll in COBRA. COBRA (the Consolidated Omnibus Budget Reconciliation Act) is a federal law that protects workers and families from losing health coverage because of certain job and family changes. GoodRx discusses the details of COBRA below. Employment-based health insurance is the most common kind of coverage in the U.S. About 60% of U.S. residents under age 65 were covered by employment-based health insurance in 2023, according to KFF. That means these individuals had private health insurance provided by an employer or a union. How long does health insurance last after quitting a job? If you have job-based insurance, your coverage usually ends on your last day of work or at the end of that month. The exact date depends on your health plan. Sometimes, you will have extended coverage if you leave as a retiree. It's important to plan ahead for health insurance coverage before your last day at work. If you're eligible for COBRA, you may be able to continue coverage under your employee health plan for 18 months or longer. 7 health insurance options to consider if you quit your job If you're quitting your job, you have many options for health insurance coverage. Your choices may include: 1. COBRA This federal law lets you extend your employee insurance up to 18 months (or longer in some states and under certain conditions) after quitting your job. COBRA can be costly because you have to pay your employer's portion of your premium in addition to what you were already paying. Some states also let your employer charge a 2% administrative fee. Typically, you can continue coverage under COBRA if you worked for a company with 20 or more employees (but not the federal government or a religious organization). Your spouse or partner and children covered by the plan also will be eligible for COBRA continuation coverage, even if you don't sign up. Your former employer must give you at least 60 days from the date of your "election notice" (which alerts you to your options under COBRA) or from the date you would lose coverage, whichever is later, to enroll in COBRA. 2. Affordable Care Act plans The Affordable Care Act (ACA) marketplace offers a special enrollment period for people who have a qualifying life event, such as the loss of job-based health insurance. The special enrollment period usually begins 60 days before you expect to lose coverage and ends 60 days after your insurance stops. Marketplace plans may be less costly than COBRA. Coverage will vary, so shop around. 3. Medicare If you are at least age 65 or have a long-term disability, you may qualify for Medicare. Your special enrollment period lasts 8 months from the day you end employment or lose your insurance, whichever happens first. 4. Medicaid Did you have a low income while working? Did quitting your job reduce your family's income? Depending on your financial status, you may qualify for low-cost health insurance from Medicaid. Medicaid has 56 distinct programs administered by states, territories, and Washington, D.C., so eligibility varies depending on where you live. 5. Partner's plan You may be able to join the health insurance plan of a spouse or partner when your coverage stops. If your spouse or partner has employer-based health insurance, their plan will have its own rules for enrollment. For details, check with the insurance plan or the human resources contact at your significant other's employer. 6. Parent's plan If you are under age 26 and lose your job-based health insurance, a parent may be able to add you to their insurance plan as a dependent. If your parent has a job-based plan, you may be required to wait until the annual open enrollment period. If your parent has an ACA marketplace plan, you may qualify for a special enrollment period. Some plans even allow dependent coverage through or beyond the end of the year you turn 26. 7. Special plans Short-term insurance with limited benefits can be a good solution while you're between jobs. You may also consider alternative coverage options, such as fixed-indemnity, accident, high-deductible, and catastrophic insurance plans. If you're enrolled in college, you may have access to a campus-based health insurance plan. How do I choose a new health insurance plan after leaving a job? When selecting a new health plan, check the summary of benefits and coverage. You should consider the three D's: Doctors: If you want to continue seeing the same healthcare professionals, make sure they're in your new plan's If you take medications, check the plan's formulary to make sure those prescriptions are If there are tests you'll need to manage a chronic condition, check to see that those services are included in your new plan. How can I find out which insurance options cover my medications and health conditions? You can check a plan's summary of benefits and coverage for information about: DeductiblesOut-of-pocket limitsCopays and coinsurance for covered servicesCovered medicationsPrescription copays by medication tierPricing for visiting in-network and out-of-network providers What happens if I miss my ACA special enrollment period? If you miss your ACA special enrollment period-which lasts from 60 days before to 60 days after a qualifying life event, such as leaving a job-you will have to wait until the annual open enrollment period to buy a marketplace plan. ACA open enrollment is Nov. 1 to Jan. 15 in most states. Where you live will determine the ACA open enrollment period. The website is the national platform for Affordable Care Act health insurance information, and it's the enrollment portal for people in 31 states. The District of Columbia and 19 states have their own marketplaces and deadlines for ACA enrollment. If you miss your ACA special enrollment period, you may be able to sign up for one of the other insurance options mentioned above. Is there a difference in my insurance options if I'm fired, as opposed to quitting? Whether you quit your job or get fired, there typically isn't a difference in your insurance options. But you may be denied COBRA if you're terminated for gross misconduct. Your options may be slightly different if you retire from a job because some employers and unions have special insurance coverage for retirees. Medicare offers some guidance on questions you should ask if you qualify for this kind of coverage, which could provide you with supplemental insurance that functions, like a Medigap plan. Is an ACA plan less expensive than COBRA? ACA marketplace plans often cost less than COBRA for similar coverage, but not always. Depending on your income, you may qualify for a premium subsidy that will decrease the monthly cost of your ACA insurance, or you may opt for a premium tax credit on your annual tax return. In fact, the Centers for Medicare & Medicaid Services reports that 4 out of 5 people will be able to find a plan for $10 or less per month in 2025, though your options at that price may cover far less than your employer plan. COBRA requires you to pay the full cost of your coverage. With COBRA, you continue to pay the monthly premium as you did while you were employed, and you also pay the amount your employer was contributing. According to the KFF Employer Health Benefits 2024 Annual Survey, the average annual premiums for employer-sponsored health insurance were $8,951 for an individual employee and $25,572 for family coverage. Those premiums would come to about $746 monthly for a single employee and $2,131 a month for a family-and you would be responsible for the full cost under COBRA. Cost, however, may not be your only consideration. If you have met your deductible for the coverage year and have ongoing health issues, you may be better off paying for COBRA than switching to a new plan and having to meet a new deductible. That way, you can keep your doctors and may pay little out of pocket for your care, aside from your increased premium. Switching to another plan will reset all of your deductibles and may force you to find different healthcare professionals, which may be detrimental to your physical and financial health. Can I cancel COBRA mid-month? COBRA is month-to-month coverage that can be canceled anytime. If you decide to cancel, it's best to do so in writing. Once you stop the coverage, it cannot be reinstated. It's important to pay attention to timing if you intend to cancel COBRA. Before your COBRA coverage ends, make sure you know when you're eligible to sign up for your next plan. If you stop COBRA and want ACA or other group coverage, you usually won't be able to buy a plan outside the open enrollment period. Your COBRA coverage period needs to be exhausted for you to be eligible for an ACA special enrollment period. Can my former employer cancel COBRA coverage? COBRA coverage can be canceled if you miss a premium payment and don't send the money before the 30-day grace period ends. You may not be able to reinstate your coverage in this scenario. Your coverage also depends on that former employer continuing to offer group health insurance. You can be terminated from a COBRA plan if you reach the age to become eligible for Medicare while on COBRA. What happens to my COBRA coverage if I get a new job? Your COBRA coverage typically ends if your new employer offers health insurance benefits. But getting a new job doesn't automatically end your COBRA benefits. Typically, COBRA coverage ends when you sign up for insurance through your new job. COBRA is designed to help you maintain insurance coverage during a transition period when you don't have access to employer-sponsored health insurance. If you sign up for another employer's health plan, it replaces your COBRA coverage. You will not have to pay the COBRA premiums or rely on your former employer's plan for coverage if you sign up for health coverage with your new job. What happens to my ACA plan if I get a new job? Getting a new job may affect aspects of your ACA insurance, including: Subsidies and tax credits: ACA subsidies and tax credits are based on income limits. Increased income from your new job may affect your premium subsidy and raise your monthly cost for your health insurance-or affect your tax credits. You should report income and job changes to the marketplace You may no longer be eligible for ACA insurance once you have a job-based health insurance offer. If your new job does not offer group health insurance, you may remain eligible for an ACA plan. Frequently asked questions Can HR tell you the exact date you quit? Yes, your human resources representative should be able to tell you your employment termination date and the date your health insurance coverage will end. These dates may not be the same. How long does an insurance plan's coverage remain in force? Your insurance coverage should remain in force as long as you're eligible for coverage and premiums are paid. In the scenario of quitting a job, your coverage could end on your termination date (your last day of employment) or at the end of that month. Should I keep my employer health insurance when I retire? You may be able to keep your employer health insurance when you retire. Sometimes, retiree benefits provide better coverage than Medicare. Or you may be able to combine your retiree benefits with other insurance, such as Medicare, and use your retiree health plan as supplemental policy. The bottom line If you have employment-based insurance and intend to quit your job, it's important to consider your options for health insurance in advance. You may choose to extend your employer's coverage and pay the full premium by enrolling in COBRA. Depending on your age, income, and other factors, you may be eligible for public insurance options such as Medicare or Medicaid. You may also choose a private plan through the Affordable Care Act marketplace. Depending on your circumstances, you may be able to join a parent's plan if you are under age 26 or enroll in your partner's plan. You may also consider buying a special or short-term plan with limited benefits. This story was produced by GoodRx and reviewed and distributed by Stacker. © Stacker Media, LLC.
