A Special Enrollment Period (SEP) allows eligible individuals to enroll in health insurance plans through the Marketplace outside of the regular Open Enrollment Period. For many during this pandemic, job uncertainty has them wondering what their health care options are now that they’ve lost their job, or if they do lose their job in the near future.
Qualifying for Special Enrollment Period if You Lost Your Job
It’s likely that if you lost your job-based health insurance through your employer or a family-member you qualify for SEP. Your application must be submitted within 60 days of the lost coverage, so it’s imperative that you speak with an expert to get you the right plan for your family. If you expect to lose your health insurance within the next 60 days, whether due to loss of job or because you’re no longer a dependent, you also likely qualify for SEP.
However, there are two exceptions to this:
- If you lost coverage as a dependent, you do not qualify for SEP if the coverage drop was voluntary.
- You do not qualify for SEP if you’ve lost coverage because the payer did not pay the premium.
Qualifying for Special Enrollment Period if You Were Furloughed
A furlough is a temporary, unpaid leave of absence from work. In general, employees usually keep benefits during this period, but if there has been a change to your health insurance coverage, you may be eligible for SEP and/or a premium tax credit to help pay for Marketplace coverage.
What Happens If I Missed the 60-Day Deadline?
If 60 days has already passed since your health care coverage was lost, you may still be eligible for another SEP. There are special circumstances for those affected by COVID-19, such as those sick with the virus or those caring for someone sick with the virus.
Get Started with Your SEP Application with Insurance Shops
As agents, we make it a priority to not only inform you of your best options, we can also help get you quotes for Marketplace health insurance. If you have questions or concerns about your health insurance coverage in this unprecedented time, don’t hesitate to give us a call for a consultation.
