Dealing with Job Loss? Special Enrollment Periods & Estimating Your Income

When you lose your job, concerns about health care coverage are almost always at the top of the list of worries. If you also lost your employer-sponsored health insurance plan, BeWell is ready to help you make the best choices for your family during this time of upheaval. Our certified assisters have the answers and expertise you need to avoid gaps in coverage. 

There is some good news, losing your job is considered a “qualifying life event.” That means you’re eligible for a special enrollment period, and you have 60 days to sign up for another health care plan.  

The options for alternative health care coverage typically include: 

• COBRA: Most employers are required to offer temporary coverage through this option, which is named for the federal law that created it: Consolidated Omnibus Budget Reconciliation Act. It allows you to keep your current health plan, but you are responsible for paying the full price—which can be steep. 

• Your spouse’s employer-sponsored plan: Special enrollment periods may allow your spouse to add you as a dependent on their existing plan or enroll in new coverage through their employer. 

• Affordable plans through BeWell: New Mexicans who qualify have access to affordable, high-quality plans from trusted carriers.