The resignation rate has increased at large organizations and small businesses, with more than 4.5 million workers quitting their jobs in November, according to the most recent data from the U.S. Bureau of Labor Statistics.
If you recently left your employer — or are planning to do so — here are your options to make sure you have health insurance:
- You can keep your job-based insurance policy through the federal Consolidated Omnibus Budget Reconciliation Act, or COBRA. COBRA allows you to continue coverage — typically for up to 18 months — after you leave your employer.
- You can buy an Affordable Care Act (ACA) plan through a public exchange on the health insurance marketplace.
- Or you can switch to your spouse or partner’s plan, if possible.
“It’s a three-pronged decision — spouse, ACA or COBRA,” said certified financial planner Carolyn McClanahan, who began her career as a physician and later founded Life Planning Partners in Jacksonville, Fla.
“It’s important to not only weigh the cost of the premiums, but the cost of the deductibles and copays and your underlying health condition,” said McClanahan, who is also a member of the CNBC Financial Advisor Council.
With COBRA, you can usually keep the same health-care providers, experts say, but expect to pay more for coverage. You may be required to pay the entire premium — up to 102% of the cost to the plan.
On the other hand, a new government report shows the majority of consumers enrolled in ACA coverage on HealthCare.gov have deductibles under $1,000.