You Were Laid Off, Now What?

You Were Laid Off, Now What?

April 06, 2023

Are you one of the thousands of people who were recently laid off and are now facing uncertainty about your health insurance benefits? You are not alone. Losing your job can be a stressful and confusing time and understanding your health insurance options can seem overwhelming. 


At Blue Ridge Risk Partners, we understand that navigating health insurance can be a challenge, especially during a time of transition. That is why we are here to help.  


First, it is important to understand that you have options when it comes to your health insurance coverage. Depending on the circumstances of your layoff, you may be eligible for continued coverage under your previous employer's plan through a program called COBRA. COBRA allows you to continue your health insurance coverage for up to 18 months (in some cases longer) after you lose your job; but it can be expensive, averaging $400-$600 a month individually, as you will be responsible for paying the full premium yourself, plus a small administrative fee. 


If you are not eligible for COBRA, or if the cost is too high, you may be able to enroll in a health insurance plan through the Health Insurance Marketplace. The Marketplace offers a variety of plans from different insurance companies, and you may be eligible for financial assistance to help cover the cost of your premiums. The enrollment period for the Marketplace typically runs from November to mid-January each year, but you may be eligible for a special enrollment period if you have recently lost your job. 


In addition to health insurance, there are other benefits you may be entitled to after a layoff. For example, you may be eligible for unemployment benefits, which can help you cover your living expenses while you search for a new job. You may also be eligible for COBRA subsidies or other forms of financial assistance to help you pay for your health insurance premiums. 


At Blue Ridge Risk Partners, we are here to help you navigate the complex world of insurance and benefits. We understand that losing your job can be a challenging time, and we are committed to providing you with the support and guidance you need to make informed decisions about your health insurance and other benefits. Contact us today to learn more about how we can assist you.