Leaving a job is an exciting time. But before you jump in the car and leave for good, it’s important to know what happens to your health insurance coverage when you quit.
Most employment-based health insurance plans expire on your last day of work or at the end of the month during which you quit. But there are some exceptions, such as if you retire or your employer offers continuation coverage under a federal law called COBRA.
When Does Health Insurance Expire After Leaving a Job Reddit
Most employers set the rules for when they terminate health insurance, so you should check with your human resources department to find out exactly how and when your employer ends its coverage. You might also find information in your benefits documentation, including an employee handbook or web-based employee portal.
Your health insurance plan will likely have a deductible and a copay. Your deductible is the amount you need to pay each year before your plan begins paying for covered services. Your copay is a flat fee you pay to see a doctor or receive other covered services.
When Does Health Insurance Expire after Leaving a Job Reddit
If you have COBRA coverage, it will typically last for 18 months, but it can be expensive. You can sign up for COBRA coverage in your state marketplace, or you may be able to get a subsidy through the Affordable Care Act.
If you are no longer enrolled in your employer’s insurance, you will have to get new health coverage on your own. But you can avoid a gap in coverage by planning ahead and finding the best plan for you. If you don’t plan well, you might find yourself with higher out-of-pocket costs for doctor visits and prescriptions during the time you don’t have health insurance.