7 Ways to Get Health Insurance With No Job or Income

Read the full article here. 

By Jennie Phipps HealthCare Writer

Updated on September 22nd, 2021

Reviewed by Frank Lalli

Can you get health insurance if you don’t have a job that offers it as a benefit? Absolutely. Good quality health insurance is available at all income levels—even with no income. Here’s a state-by-state guide to health insurance that will get you started. Below are seven options to consider.

What You Need to Know

Health insurance you buy without your employer’s help doesn’t have to be expensive. Check out this list of highly recommended healthcare insurance companies.

Acquiring good health insurance can protect your financial health. Nearly 60% of all debt collections are the result of medical bills, the U.S. government’s Consumer Financial Protection Bureau says.1  

Health insurance pricing and availability is regional—right down to the county level. That’s why your state insurance department is a great place to turn for assistance if you need additional help finding health coverage.

COBRA 

Perhaps you have recently lost your healthcare because you lost your job. Or the person on whom you depended for health insurance lost his or hers. In either case, one way to replace your insurance is through COBRA (the Consolidated Omnibus Budget Reconciliation Act), which gives people the right to remain enrolled in their old employer’s group health plan by paying for it out of pocket; in nearly all cases the employer no longer contributes.2

The best thing about COBRA is that your previous healthcare plan won’t change, and you could keep it for up to three years, at least for your dependents. That might be important if you or a loved one have been receiving specialized care for a serious illness. COBRA is also a good short-term option If you have already landed employment that will offer healthcare after a waiting period passes. The downside is that a former employer will almost certainly no longer pay part of the cost, so the amount you have to pay could rise significantly, perhaps even by 80%.

Your employer is obligated to notify your healthcare insurer that you are eligible for COBRA. You have 60 days to make up your mind and pay the required first monthly premium. Under some circumstances, there may be financial assistance available. The same is true for your spouse or parent, if you were covered by their insurance.

If you lost your health insurance because you or someone else lost a job, check out COBRA first. The cost could be daunting, but if you don’t expect to need it for long, it is the easiest way to get insurance uninterrupted. On the other hand, if you’re laid off, your suddenly low income may qualify you for an Affordable Care Act policy with substantial government subsidies (more below). 

One word of warning: If you expect to qualify for Medicare within a few months, don’t rely on COBRA past your Medicare eligibility date because you could find yourself paying an ongoing Medicare penalty.3