Anonymous
Anonymous asked in Business & FinanceInsurance · 2 months ago

Just got insurance this year but lost my job. Help pls?

Hi, I just started paying for my own insurance this year through my employer and recently lost my job a week ago. This may be a stupid question, but what happens to all the money that I was paying monthly for my insurance? Is it down the drain? I had dental, health, and eye insurance that I never applied to any appointments as mine are scheduled for the end of the year so I kind of feel slighted. My insurance got cancelled immediately and have now been offered Cobra which seems very expensive so I definitely don’t want to go with that. Anyone try Marketplace or Medicare? I don’t know much about either at all but I believe they’re cheaper. How do I know if I’m eligible for it? Also are they any good? T

hanks so much in advance and sorry for my ignorance 

7 Answers

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  • 2 months ago
    Favorite Answer

    Insurance is not a pre-payment plan that is refunded if you don't use it.  You had the option to use it, but you didn't.

    If you have more than $2000 in savings, you are not eligible for medicaid.

    You can try your state's marketplace.  Any subsidy is based on total income for the year, not what you are making now.  You can also purchase coverage directly from the insurance company.

    Medicare is for senior citizens and the disabled.

    You have 60 days after losing coverage to get new coverage in place.  If you don't do this, you aren't eligible to purchase coverage until Jan 1, 2021.

    - you would be eligible for employer based insurance if you get hired somewhere.

    - if you are rehired at your existing company and have been gone less than 12 weeks, the existing insurance can be immediately re-established. 

  • 2 months ago

    The money is down the drain.  It's sort of like a losing lottery ticket.  Occasionally, the insurance pays a lot, far more than you put into it, but usually not.

    In most cases, you need to be 65 or have kidney failure to get Medicare.  I think you meant Medicaid.

  • 2 months ago

    The premium was paying for the plan while you had it.  If you want to continue the same plan, then you continue paying for the plan under COBRA.  Just like car insurance.  If you don't hit a deer, you don't get a refund.

  • R P
    Lv 7
    2 months ago

    You will not get the money back that you paid for your monthly premiums.  

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  • Scott
    Lv 7
    2 months ago

    Yes, the money is gone. It paid for the coverage you had while you were employed.

  • Eva
    Lv 7
    2 months ago

    You don't get refund on insurance premiums just because you didn't use it.  You don't qualify for Medicare unless you are 65 or older.  Perhaps you were thinking of Medicaid.  You do qualify to apply through the Marketplace since you have a qualifying event (losing your job).  You only have 60 days to apply, so don't waste any time. There are several levels of plans to choose from. You may qualify to receive a subsidy to help pay for it.  The subsidy is subtracted directly from the premium. Don't just go with the cheapest insurer.  Check to make sure that your care providers accept the plan or are on the company's roster. Dental and vision are not offered on Marketplace plans.

  • Anonymous
    2 months ago

    All insurance is "down the drain" if you never have a claim.  Marketplace can only be bought once a year before Jan. I have No experience with medicaid.

    I get mine via the marketplace every year. Its free because I have low income but it pays for nothing except a flu shot unless I spend over $7400 a year or something very high. Called catastrophic.  It does save me maybe 10-20% on meds versus the lowest cash prices but that is immaterial as my meds are cheap.

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