Most working Americans are insured through their employers. You will most certainly lose your health insurance when you lose your job. So, let’s look at what are the possibilities to get health insurance.

OPTION 1: COBRA

You may keep the same insurance plan with your company by paying the full premium. This is usually an expensive option, but may be good if you are confident of regaining your income quickly. To take this option, you must sign up within 60 days of losing your job. The maximum extension is 18 months.

OPTION 2: Get coverage through a family member

If your spouse has employer-sponsored, group health insurance you should consider the option of joining their plan. There is a 30-day enrollment window.

OPTION 3: Marketplace Special Enrollment Period

Losing one’s job triggers a Special Enrollment Period (SEP). This is a 60-day period. During this window, you can explore marketplace plans. You might get a subsidy due to lower-income.

OPTION 4: SHORT TERM MEDICAL INSURANCE

Short-term medical plans are typically lower cost than marketplace plans, generally cover fewer medical services, and do not attract subsidies or premium tax credit. It’s renewable for up to 36 months.