Here are some health insurance choices if you're quitting a job during the 'Great Resignation.'
If you've just left your job — or are preparing to do so — these experts can help you make the best health-insurance decisions.
"It's critical to consider not only the premiums, but also the deductibles and copays, as well as your underlying health condition," said Carolyn McClanahan, a certified financial planner.
Before deciding on coverage, customers should think about the "3 D's: doctors, medicines, and diagnostics," according to Dr. Kyu Rhee, chief medical officer of Aetna CVS Health.
According to the most recent data from the US Bureau of Labor Statistics, the resignation rate has climbed at both large and small enterprises, with more than 4.5 million people abandoning their employment in November.
If you've just left or plan to leave your job, you have a few alternatives for keeping your health insurance:
The federal Consolidated Omnibus Budget Reconciliation Act, or COBRA, allows you to preserve your job-based insurance policy. COBRA allows you to keep your health insurance after you quit your job for up to 18 months.
A public exchange on the health insurance marketplace is where you can purchase an Affordable Care Act (ACA) plan.
If possible, you can also move to your spouse's or partner's plan.
"It's critical to consider not only the premiums, but also the deductibles and copays, as well as your underlying health condition," said McClanahan, a member of the CNBC Financial Advisor Council.
Experts note that under COBRA, you may usually keep your current health-care providers, but expect to pay more for coverage. You might have to pay the entire premium — up to 102 percent of the plan's cost.
A new government data, on the other hand, shows that the majority of customers registered in ACA coverage through HealthCare.gov have deductibles of less than $1,000.
Before selecting on coverage, customers should think about the "3 D's: doctors, medicines, and diagnostics," said to Dr. Kyu Rhee, a primary care physician and chief medical officer of Aetna CVS Health.
"Utilize these exchanges to get high-quality plans that are matched with your providers in an area that is affordable for you and your family," he advised.
Still undecided on which path to take? Keep in mind that time is a factor that can work against you.
If you enroll in COBRA, you may not be able to convert to an ACA plan until the following open enrollment season in the fall, according to McClanahan. The open enrollment period for 2022 ends on January 15th, with coverage beginning on February 1st.
However, if you miss the 2022 deadline, you may still be eligible for an ACA plan under certain circumstances. If you or anybody in your family loses or expects to lose job-based coverage, you may be eligible for a "special enrollment period." For additional information, go to healthcare.gov.
You may be eligible for a special enrollment period to switch to an ACA plan if your COBRA coverage expires or your COBRA expenses vary due to specific circumstances. Check out your alternatives in the health insurance marketplace, and "you might find a lower-cost plan that allows you to keep your preferred medical providers," according to Rhee.