Financial hardships might result from losing your job, particularly if you also lose your health insurance benefits. Nevertheless, if you’ve lost benefits, you might be qualified for a special enrollment period on the Health Insurance Marketplace. Therefore, you may also be eligible for the premium tax credit.
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We examined the biggest health insurance providers in the nation according to a number of criteria in order to identify the best health insurance companies for the unemployed. Companies who offer inexpensive premiums, low copays, and tax breaks for further savings were given priority. Also, we looked for businesses that provide additional benefits that jobless people might require.
Oscar
Pros
- Minimal copays and most reasonable plan premiums
- There is a good variety of health management programs
- Virtual primary care and urgent care are free with some plans
- Dental coverage for children
Cons
- Only available in some states
- No adult dental coverage on their plans
Summary
Oscar is the best health insurance provider overall for unemployed, according to our analysis of some of the leading health insurance providers. Plans can be found in 21 states.
Among of the ten insurance providers we looked at, Oscar had the most reasonable premiums and the lowest physician copays based on our sample rate quotations from across two ZIP codes. In addition, Oscar was rated “best overall” and “best value plans” among the top health insurance providers in our roundup of the best cheap health insurance providers.
The largest collection of health management plans, including coverage for illnesses including depression, hypertension, heart disease, and more, is provided by Oscar. Some plans allow you to connect with a doctor from home whenever you need to, including $0 virtual urgent care and $0 virtual primary care.
You can schedule appointments, ask for prescription refills, and earn up to $75 annually for counting your steps with Oscar’s well-regarded mobile app.
Children’s dental benefits are offered by Oscar’s health plans, however the firm does not offer health insurance with adult dental benefits.
Cigna
Pros
- Low physician copays
- Large network of providers
Cons
- Not available nationwide
- No dental coverage
- Few health management programs
Summary
Among of the businesses we evaluated, Cigna has some of the lowest physician copays, making it a potentially cost-effective choice. For instance, Cigna provides seven of the eight most affordable bronze plans in El Paso County, Texas, some of which have zero copays for doctors. The sole low-premium rival in the region has a $50 copay for doctors.
In addition, Cigna stands out for having a wide range of providers. With more than 65,000 contracted pharmacies and more than 265,000 mental and behavioral health experts, the company collaborates with more than 1.5 million hospitals and healthcare providers worldwide.
Yet the absence of health management programs is a drawback of Cigna. One of the few businesses we examined that doesn’t provide insurance with a depression management program is this one. Moreover, Cigna doesn’t provide any health plans with dental coverage.
Aetna
Pros
- The premium tax credit may be used to fully reimburse any plans
- At CVS MinuteClinic, members have access to care
- There is virtual access to primary care, urgent care, and mental health services
Cons
- ACA plans aren’t available nationwide
- High copays on some bronze plans
Summary
Aetna is a top-notch health insurance company to take into consideration if you’re unemployed and are eligible for the premium tax credit based on your income. All of Aetna’s plans offered through the federal Marketplace are qualified for full tax credit coverage.
Aetna took home the title of “best for premium tax credits” in a number of roundups, including the best health insurance companies for self-employment, young adults, and those who can afford it.
Members of Aetna have access to care at any of the 1,100 MinuteClinic sites operated by CVS around the US. Depending on the plan, most MinuteClinic services are inexpensive or free. Members of Aetna plans can also access virtual primary care, urgent care, and mental health services through Teladoc. While Aetna may be a wise choice if you are eligible for the premium tax credit, it isn’t always the most affordable alternative if you are not.
Molina
Pros
- Low deductibles on its bronze plans
- Virtual urgent care through Teladoc
Cons
- Few health management programs
- No dental coverage
- Plans only available in 14 states
- Lowest average NCQA rating
Summary
A bronze plan from Molina might be suitable for you if you’re seeking for affordable health insurance coverage. Although the company’s plans are not the most affordable, some of them have low deductibles, which could result in fewer out-of-pocket expenses for you if you frequently use your health insurance. Moreover, Teladoc offers free virtual urgent care to Molina health plan subscribers. Members can examine ID cards, locate an in-network physician, and connect to the nurse advice line using a free mobile app.
Yet Molina doesn’t sell insurance plans with dental benefits and only provides a few health management services. The company also had the lowest NCQA plan rating of any of the insurers we studied, at 2 out of 5, on average.
Best Health Insurance Companies For The Unemployed
- Best Overall: Oscar
- Great For Low Copays: Cigna
- Best For Premium Tax Credit: Aetna
- Low-Overall-Cost Health Plans: Molina
Final Thoughts
Our #1 suggestion for anyone looking for health insurance while unemployed is Oscar. Oscar has the lowest overall plan premiums and copays, as well as a wide range of health management services and complimentary telehealth consultations on many plans. But, Cigna is a pricing competitor, and Aetna is a fantastic choice if you are eligible for the premium tax credit. If you require a bronze plan with a low deductible, think about Molina.
FAQs
How Can Someone Who Is Unemployed Obtain Health Insurance?
If you’re unemployed, there are numerous ways to obtain health insurance. You can purchase a Marketplace plan during a special enrollment period if you experience a qualified life event, such as losing job-based coverage. A new health plan can be enrolled in within 60 days of terminating your employment. A different choice is to sign up for Medicaid. You may apply for Medicaid at any time of the year if your income qualifies and the standards of your state.
What Is The Health Insurance Marketplace?
Eligible individuals and families can browse for and buy health insurance through the health insurance marketplace. Comparing plans based on premium, out-of-pocket expenses, and plan categories is simple with the Marketplace. The 10 essential health benefits, which include services like hospitalization, emergency care, pregnancy, and mental health and drug abuse treatment, must be covered by all health plans offered on the Marketplace.
How Much Is Health Insurance?
Health insurance rates are determined by individual characteristics such your location, age, smoking status, plan category (metal tier), and the number of dependents covered by your policy. You can reduce the cost of your premium if you are eligible for the advanced premium tax credit. The organization you select has an impact on the cost of health insurance as well.
What Is The Premium Tax Credit?
If you fulfill the qualifying requirements and purchase a health insurance plan through the Marketplace, the premium tax credit is a federal subsidy that lowers your health insurance premium. You cannot be someone else’s dependent or use the “Married Filing Separately” tax status, and your household income must fall within a particular threshold to qualify for the tax credit.
