What To Do If You Lose Your Medicaid Gap

Those who can’t afford marketplace health insurance can get the Medicaid coverage gap. In the United States, the Medicaid health program covers 60% of all nursing homes and 21% of low-income adults. However, each state regulates its own Medicaid program. So if you’re eligible for the Medicaid program at one point, it’s possible to lose that coverage later. Reasons include:

• Making too much income
• Receive a gift or an inheritance
• Not reporting your family status
• Moving to another state with different requirements and many more.

You may lose your coverage if you’re in any of these situations. Fortunately, you have options: Affordable Care Act Subsidized Plans You have a Special Enrollment Period if you lose your Medicaid coverage. You can get full-featured health insurance known as the Affordable Care Act during this period. The Special Enrollment Period (SEP) only lasts 60 days, so you need to determine which plan is best for your budget and act quickly. Short-Term Health Coverage An unexpected loss of Medicaid coverage can put you in a challenging situation. Short-term health coverage is an option if you need something to fill the gap after losing your Medicaid coverage. However, you need to switch to a different coverage as soon as possible to avoid facing a tax penalty. In Summary Losing your Medicaid coverage can be frustrating at first, especially if you have underlying health issues. But the good news is that you can get some coverage no matter what happens.