Preferred Health Insurance Solutions Illustrates How Consumers Who Have Lost Their Job-Based Health Insurance Coverage Have Several Affordable Options To Consider

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Outside of a costly COBRA policy, individuals who have lost their job-based health insurance have comprehensive and affordable options to choose from.

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The good news for consumers is that the days of being locked in to costly COBRA continuation health coverage is a thing of the past. There are several affordable options when looking to replace job-based health insurance.

What is COBRA Continuation Health Coverage? COBRA, or the Consolidated Omnibus Budget Reconciliation Act, has been an important safeguard for working individuals and families for decades, becoming law in 1986. Prior to this, any employee covered under an employer plan risked a gap in coverage upon termination of employment.

The good news for consumers is that the days of being locked in to costly COBRA continuation health coverage is a thing of the past. There are several affordable options when looking to replace job-based health insurance.

“If an individual loses their job and their job-based health insurance coverage, an individual has three options to consider when looking to replace their health insurance plan”, Bob Dial, Chief Compliance Officer, Preferred Health Insurance Solutions (PHIS) began.

A licensed insurance agent can present an individual with all of the options available to them. In addition, they can help guide an individual through the process of selecting the best plan that meets their needs. A licensed and certified agent can review each of the options available to an individual who recently lost their job-based health insurance.

Option 1: COBRA Continuation Coverage
Individuals have the option to keep their job-based plan through COBRA continuation coverage. COBRA is a federal law that may let individuals pay to keep their employee health insurance for a limited time, usually 18 months, after employment ends. With COBRA continuation coverage, individuals will not be able to get any federal assistance to lower premiums and out-of-pocket costs that people may get using the Marketplace. Individuals will need to pay the full monthly premium, including any part of the premium their employer had contributed. With COBRA being the only way to continue coverage of pre-existing conditions, most terminated employees who had an ongoing medical condition elected to take COBRA.

Option 2: Marketplace Plan
With the Open Enrollment Period (OEP) underway on the Federal Marketplace until December 15, 2018, consumers who have lost their job-based health insurance have the opportunity to enter the Marketplace and secure a comprehensive health insurance plan. With the assistance of a licensed health insurance agent, often times the cost of a comprehensive Marketplace plan, after taking into account any subsidies the individual may qualify for, may be much lower than the cost of a COBRA plan.

There are a number of factors, government rules and provisions to take into account before purchasing health insurance. OEP provides consumers the ability to shop for new plans and enroll for coverage. This is the only time consumers can purchase an ACA qualified, guaranteed issue, Major Medical Health Plan without a qualifying event.

“Under the Affordable Care Act (ACA) an individual may purchase a qualifying health insurance plan during OEP, which is currently underway, or during a qualifying life event such as losing their job. There are affordable options available for healthy individuals that may not need a comprehensive major medial plan that includes all of the essential health benefits,” explained Dial.

Option 3: Short Term Major Medical
Additional Supplemental Coverages
A Short Term Major Medical plan may be a great fit for healthy individuals who are looking for more cost effective health insurance. Adding a telemedicine, a dental plus vision and hearing plan, an accident plan, and/or critical illness plan to a Short Term Major Medical plan will help cover the out-of-pocket expenses from an unexpected illness or injury, while saving the consumer up to 75% of the cost of an ACA plan. Although a Short Term Major Medical plan may not be a good fit for everyone, particularly an individual with chronic health issues, it may be just the right plan for healthy individuals looking to save on the high costs and high deductibles associated with an ACA plan. A Short Term Major Medical plan is an affordable way for consumers to secure comprehensive health insurance and save money. Depending on the state the individual may reside in, Short Term Major Medical plans may be available anywhere from one-month duration up to 364 days.

Dial explained, “With OEP underway, now is the time for consumers to take advantage of recent rulings from the federal Centers for Medicare and Medicaid Services (CMS) which provide increased plan flexibility and the potential for decreased premium costs,” Dial stated.

“The new CMS rulings open up an avenue for healthy individuals with no pre-existing conditions to get creative when tailoring their 2019 health insurance plan. In addition, an individual who lost their job-based health insurance are not locked into a COBRA plan. The PHIS health insurance professional are trained to address all of the health insurance options that are available to them,” concluded Dial.

The insurance professionals at PHIS are prepared to assist consumers with all their enrollment needs. The dedicated PHIS Call Center consists of a team of multi-lingual, health insurance professionals, that are trained to walk a client through the entire process of selecting a health insurance plan and enrolling them for their coverage, as well as responding to any questions they may have regarding their new health insurance policy. The PHIS Call Center is available to assist consumers enrolling for their 2019 health plan. Consumers can call the PHIS Call Center at 800-342-0631 or access the company’s website at http://www.PHISonline.com

About Preferred Health Insurance Solutions:
Headquartered in Bedford Park, Illinois, Preferred Health Insurance Solutions (PHIS) is a national enrollment firm specializing in the Health Insurance Marketplace as well as a variety of other ancillary health insurance products, including Dental Plus Vision and Hearing, Critical Illness, Short Term Medical, Disability Income, and others. PHIS, formerly known as ACA Marketplace Enrollment Solutions (ACAEnroll.com) provides enrollments services throughout the country, through national and regional insurance carriers. Effective November 1, 2018, the health insurance Marketplace opened for enrollment. The PHIS Call Center is available to assist consumers enrolling for their 2019 health plan. Consumers can call the PHIS Call Center at 800-342-0631 or access the company’s website at http://www.PHISonline.com.

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