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Along with the stress of a loss of employment comes the reality of living without employer-based group health insurance coverage. Make Money With AI and ChatGPT: How To Earn $1,000 a Month
Losing your job can devastate your financial life if, like most Americans, you don't have a hefty pot of gold in the form of ample emergency savings. Preparation for the worst-case scenario,...
Orman added that Healthcare.gov, a federal resource and system that is open for enrollment right now, is a way to get insurance if you have lost job-related coverage.
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) is a law passed by the U.S. Congress on a reconciliation basis and signed by President Ronald Reagan that, among other things, mandates an insurance program which gives some employees the ability to continue health insurance coverage after leaving employment.
However, in this case they are not leaving for a separate job, but rather self-employment. Employer provided health insurance has been shown to significantly decrease the number of self-employed, and the bundling of health insurance coverage and employment together, has a negative impact on business creation in the US. [10]
For others who are looking for health insurance after they lose a job, many private sector employers (as well as state and local governments) offer COBRA continuation coverage. It can be expensive ...
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