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I'm seeing a LOT of people claiming that "losing your job" makes you eligible for a Special Enrollment Period under the #ACA. That's incorrect. Losing your HEALTHCARE COVERAGE is what qualifies you. This generally coincides with losing your job, but it's not the same thing. 1/
Here's a post with details: http://acasignups.net/20/03/20/important-many-will-qualify-sep-whether-hcgov-announces-one-covid19-or-not
ALL OF THIS CONFUSION is EXACTLY why @SeemaCMS needs to launch an OFFICIAL #COVID19 Special Enrollment Period *regardless* of the normal Qualifying Life Event list. Even if it's mostly the same people eligible, that would clear up a LOT of confusion & streamline the process.
AS FOR THOSE ASKING ABOUT COBRA: Here's a great explainer about your options. Short answer: YES, you're eligible for an #ACA Special Enrollment Period if you'd prefer that to taking a COBRA offer from your (about to be former) employer: https://www.verywellhealth.com/cobra-obamacare-subsidy-1738953
The CATCH with COBRA is that you have to use the #ACA SEP right away...you can't sign up for COBRA, decide you don't like it 3 months later and THEN still qualify for a SEP (unless Open Enrollment has already started again by that point).
AS FOR THE "INCOME CHANGE" Special Enrollment Period: There's a lot of confusion about that as well. @LouiseNorris explains here: https://www.verywellhealth.com/get-health-insurance-with-a-qualifying-event-3571803
The point is:
--Losing employer COVERAGE qualifies you;
--A substantial INCOME DROP *may* qualify you;
--But losing your JOB in & of itself does NOT qualify you.
These three usually go hand in hand, but they're NOT the same thing.
--Losing employer COVERAGE qualifies you;
--A substantial INCOME DROP *may* qualify you;
--But losing your JOB in & of itself does NOT qualify you.
These three usually go hand in hand, but they're NOT the same thing.
Anothe point: Normally around 8,000 people enroll in ACA exchange coverage via Special Enrollment Periods each day during the off season. The problem here is that 10 MILLION people just lost their jobs in the past TWO WEEKS.
Of those 8,000/day, I believe around 60% or so are typically due to losing employer coverage. Call it 5K/day or 70K over a typical 2-week period.
10 million people just lost their jobs over the past 2 weeks.
10 million people just lost their jobs over the past 2 weeks.
Even if you assume only 70% of them are eligible for a normal SEP, that’s 100x as many as typically sign up in the same period.
