Ask Terry Questions Medical insurance rights

Medical insurance rights

By Terry Savage on August 17, 2021 | Insurance & Annuities

My husband’s company is switching owners and was just informed yesterday that our medical insurance May expire at the end of this month August of 2021. My question is don’t we legally have or get 30 days before it can expire.

Terry Says

That all depends on the policy and the size of the company. You may be entitled to COBRA– an 18 month extension of benefits (unless the company is going out of business). Do the new owners have a similar program? Are the employees just left out of insurance completely?? Ask about what they will be offering.
If nothing is offered, this loss of insurance is a “qualifying event” that allows you to search for coverage under the Affordable Care Act. Start looking now at www.eHealthInsurance.com.
And while you’re searching there, consider a high deductible plan combined with a health savings account that will let you pay medical expenses on a pre-tax basis. They will explain your alternatives.

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