I’ve been laid off. What are my benefit options now?

We all feel it- the economy has slowed, and inflation has impacted nearly every good and service we interact with. Employers are feeling the pinch as consumers and other businesses are tightening their wallets to brace for the recession. This comes with the unfortunate reality of layoffs. Oregon companies like Lam Research, Intel, and Vacasa have all recently laid off portions of their workforces.

With more and more companies laying people off in recent weeks, many people are left with questions about their health plan running through their minds. We’re sure that one of those questions is surrounding medical insurance after layoff, and what options might be available to you now. If you've been laid off in Oregon, you may be concerned about your healthcare coverage. Fortunately, there are several individual health insurance options available to help you keep your health coverage intact.

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1. COBRA: COBRA is a federal law that allows you to continue your employer-sponsored health insurance for up to 18 months after you've been laid off. While COBRA can be expensive, it provides continuity of coverage and is a good option if you don't anticipate finding a new job soon. There are some considerations to keep in mind when electing COBRA coverage as you may not be eligible for other coverage options should you elect COBRA. COBRA will only be offered if your employer meets government guidelines for employee count, typically 20 or more.
2. State Continuation (or Mini COBRA) is required to be provided by your employer if they are not a COBRA eligible company. State Continuation allows you to continue your health insurance for up to 9 months while you look for a new job. Your employer or the Health Insurance company will provide you with documentation on how to continue your coverage and collect all necessary premiums.
3. Health Insurance Marketplace: The Health Insurance Marketplace is a government-run program that helps individuals find and enroll in affordable individual health insurance plans. You can enroll in a plan through the marketplace during the open enrollment period, which runs from November 1 to December 15 each year, or if you experience a qualifying life event, like a layoff, you can enroll sooner in an individual marketplace plan.
   

Spouse/domestic partner health insurance: If your spouse or domestic partner has coverage through an employer-sponsored plan that is open to family members, you may consider joining their plan.

No matter what option you choose, be sure to compare costs and coverage options before you enroll. We can help you do that. Get-Benefits provides online tools to access the Health Insurance Marketplace, that allow you to compare plans and find the best one for your needs.

If you have any questions or would like more information about your options for group health plan benefits, contact us.