As a result of the Affordable Care Act, every state has a health insurance marketplace/exchange where private individual/family health plans can be purchased. These plans are all guaranteed-issue. This means you can enroll regardless of medical history. Enrollment is limited to an annual open enrollment period or a special enrollment period triggered by a qualifying event. The loss of your employer-sponsored health plan is a qualifying event, so you’ll be able to switch to a plan in the marketplace when you leave your job and your health plan ends.
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Premium Subsidies​

The Affordable Care Act provides income-based premium tax credits (premium subsidies). These offset a large chunk of the premiums for most people who enroll in health plans through the marketplace.
For 2021 and 2022, the American Rescue Plan has made those subsidies larger and more widely available. The subsidies cover a larger percentage of total premiums. The income cap for subsidy eligibility (normally 400% of the poverty level) has been eliminated.
If you shop in the marketplace, you’ll see a variety of available plans. In some areas of the country, just a single insurer offers plans—although that’s much less common than it used to be.2 Even in those areas, however, there will be several different plans available.
You’ll generally see plans at the Bronze, Silver, and Gold levels, and in some areas, Platinum plans will also be available. If your income doesn’t exceed 250% of the poverty level, the available Silver plans will include built-in cost-sharing reductions. In 2021, 250% of the poverty level for a single person in the Continental United States amounts to $32,200; for a couple, it’s $43,550.3
If you’re retiring, your income is likely fluctuating quite a bit. Since the financial assistance available in the marketplace depends on your income, it’s useful to understand how income is calculated for subsidy eligibility. It’s a form of modified adjusted gross income (MAGI) specific to the ACA and differs from normal MAGI.
Eligibility for subsidies is based on your income for the whole year—not just your income for the months you’re enrolling in a marketplace plan.
Our agents are standing by waiting to assist you in get a low cost health insurance quote. Get coverage today, you’ll be glad you did.
If your spouse is still working and has access to a health insurance plan that offers spousal coverage, you’ll be able to enroll in that plan Your Spouse’s Health Plan when your own coverage terminates.

 

Health insurance plans