Aspects
If you just left or plan to leave your workplace, these experts can help you get the best health insurance.
"It's crucial to consider not only the premiums, but also deductibles, copays, and your overall health," says certified financial planner Carolyn McClanahan.
Dr. Kyu Rhee, CEO of Aetna CVS Health, advises people to consider the "3 D's: doctors, drugs, and diagnostics" before choosing coverage.
According to the latest US Bureau of Labor Statistics figures, almost 4.5 million workers departed their jobs in November.
If you recently left or plan to leave your job, here are some options to keep your health insurance:
You can keep your job-based insurance through the federal COBRA program. COBRA allows you to keep your insurance for up to 18 months after you quit your job.
You can purchase an ACA coverage through a public exchange.
You can also switch to your spouse's or partner's plan.
In Jacksonville, Fla.-based Life Planning Partners, certified financial planner Carolyn McClanahan began her career as a physician and later founded Life Planning Partners.
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No RRSP? New workplace perks help "It's vital to consider not only the premiums, but also the deductibles, copays, and your health," said McClanahan, a member of the CNBC Financial Advisor Council. Experts believe COBRA allows you to keep your current doctors but expect to pay extra. You may have to pay the entire premium — up to 102% of the plan's cost. However, a new federal analysis shows that most ACA enrollees on HealthCare.gov have deductibles under $1,000.
Aetna CVS Health Chief Medical Officer Dr. Kyu Rhee advises people to think about the "3 D's": doctors, medications, and diagnostics.
"Utilize these exchanges to look at high-quality plans aligned with your providers in an affordable area," he said.
Still undecided? Time is a factor that might work against you. If you choose COBRA, you may not be able to enroll in an ACA plan until the autumn open enrollment period. Enrollment for coverage beginning Feb. 1 in 2022 closes Jan. 15. If you miss the 2022 deadline, you may still be eligible for an ACA plan. Someone in your household may be eligible for a "special enrollment period" if they lost or will lose job-based coverage. More info at healthcare.gov. If your COBRA coverage expires or your COBRA rates change, you may be eligible for a special enrollment period to convert to an ACA plan. "You may locate a cheaper plan that allows you to keep your preferred medical providers," Rhee added.
Keeping COBRA
Want or need to keep your COBRA coverage for now?
A CFP at Modera Wealth Management in Westwood, NJ, Michael Gibney, suggests an often-overlooked money-saving option.
"People can utilize money from their HSA to pay their COBRA premium," he said. After leaving a job, "people can utilize money from their HSA to pay the COBRA cost." JOIN: Money 101 is an 8-week financial literacy education sent weekly to your mailbox. Click here for Dinero 101 in Spanish. CHECK: 2nd job ideas for introverts: With Acorns+CNBC, some initiatives can bring in hundreds.
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