Job Loss & Health Insurance
Expert guide on health insurance options after job loss. Learn about COBRA and ACA coverage. Watch video with Jae Oh on FinStream TV.
Key Takeaways
- Don't automatically default to COBRA—explore ACA plans first, as COBRA can cost over $1,000/month because employers previously hid the full premium cost from you
- You can cancel COBRA later and switch to an ACA plan retroactively, giving you time to evaluate both options before committing; the employer must notify you in writing with deadlines
- Use the 'look back' option strategically: delay your decision while on temporary COBRA coverage to compare ACA advanced premium tax credits and out-of-pocket costs, which may be significantly cheaper for your household
- Don't sacrifice basic living expenses trying to afford health insurance—work with a financial professional to find the 'sweet spot' between cost and coverage that fits your specific household needs
- ACA navigator funding was recently cut 90% (from $100M to $10M annually), so free guidance is now limited; consider hiring a competent financial professional to help navigate ACA options, as monthly cost differences of $2,000+ significantly impact your overall financial plan
Job Loss & Health Insurance: Worried you might lose your job? From COBRA to the ACA, here's what you need to know about your health care coverage options if you've recently lost your job or anticipate losing your job. In this video, Jae Oh, author of Maximize Your Medicare, joins FinStream TV's Bob Powell to provide this expert guide to Job Loss & Health Insurance. Watch more Jae Oh videos free on FinStream at this link: https://www.finstream.tv/featured/jae-oh/
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