What changes when the employer plan ends
Three coverages usually end at the same time: the health plan, the group life insurance and the group disability insurance. Most people focus on the first and forget the other two until later.
For health coverage you generally have two paths. You can continue the employer plan for a limited time through COBRA, paying the full premium yourself, or you can buy your own plan. Losing employer coverage is a qualifying life event, so it usually opens a Special Enrollment window on HealthCare.gov with a deadline, often 60 days. Which path fits depends on your doctors, your expected income and how long you need the coverage.
What Dagan checks with you
- Whether your current doctors and prescriptions are in the networks of the individual plans available in your county.
- How COBRA compares with an individual or Marketplace plan for your situation, including what each costs over the months you need it.
- What your household income is likely to be in the coming year, because that is what a Marketplace application asks for.
- Individual term or whole life insurance to replace the group life policy that ended, before any health changes make that harder.
- Individual disability coverage if you are going to keep working, especially as a consultant or business owner.
Timing matters
Special Enrollment windows close. If your last day is coming up or just passed, the useful time to talk is now, not after the window ends. If you are planning a departure for later in the year, a conversation in advance lets you line up coverage so there is no gap.
Coverage that usually comes up
- Health insurance: Individual and Marketplace plans compared with COBRA.
- Life insurance: Replace the group life policy that ended with the job.
- Disability insurance: Individual income protection if you keep working.
- Dental and vision: Standalone plans for the providers you already use.
Plan availability, benefits and costs vary by carrier, county and plan year.