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Lose job and lose Obamacare

I am a single young female with 1 small child. With my income I qualified for coverage (my child could only stay on Medicaid) and signed up for a healthcare.gov plan and have been paying my premiums. I lost my job in July, but have kept paying the premiums. I didn't know I was supposed to change my income on healthcare.gov, which states now I am only eligible for Medicaid for this year 2015 . Will I be penalized for not changing my income to zero and having to go back on Medicaid?

Thanks from Alabama


  • You shouldn't be. There is a law called COBRA, which essentially states that you can keep your insurance coverage as long as you pay the premiums and the providers premium to keep your same coverage. Choosing medicaid is a guideline, not a requirement. The only requirement is that you have insurance, not a particular one. 
  • This is true, there is a law, but having Obamacare and it really not being "affordable" are you going to be able to even keep it if you do not have an income. Really, if you are in a state with Medicaid, it would be the best choice and a better insurance for you if you do happen to lose your job. Having a small child, you should be eligible for many services, depending on the state you are in, if you happen to become unemployed or even if you have reduced hours. I would look into your local Family Social Services office to see hwat might be available to you.
  • Posts: 6
    One of the benefits of Obamacare was that you would keep your insurance if you lost or changed jobs.It's portable. Also, there are no longer any pre-existing conditions. This means that you will be covered for any diseases or conditions that you were previously treated for.

    I don't believe that you will be penalized for not updating your income. I'm believe you will have some leeway. Hopefully, you live in a state that accepted the Medicaid expansion. COBRA is an very expensive option. The premiums for it are 102% of the premiums that your employer was paying for you. You pay 100% of the premium and 2% as an administrative fee. It always be pricey. 

    Your best bet is to contract the state healthcare agency in which you live.
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