Deciding what to do after your ICHRA benefit ends is an important financial decision. Because you are parting ways with your employer and losing the HRA benefit, you qualify for a Special Enrollment Period (SEP). This gives you a 60-day window to make changes to your health coverage.
Here are your primary options:
Keep your current individual health plan:
What this means: Continuing with the current plan at the full current premium cost.
Why do this? If you have already met your deductible (or are close to meeting it) and have significant healthcare expenses remaining in the calendar year, it may be financially wise to keep your current plan to avoid starting a new deductible from scratch.
Cost: You will pay the full monthly premium yourself.
Shop for a new plan on the Healthcare Exchange:
What this means: Losing employer coverages makes you eligible for a Special Enrollment Period on the Exchange. You can shop for new coverage that may have a lower premium or be more fitting for your new situation.
Why do this? Depending on your income level, you may be eligible for Advanced Premium Tax Credits (APTC)—federal subsidies that lower your monthly premium—as well as cost share reductions that lower your copays and coinsurance. These benefits can significantly lower your total cost and may be more worthwhile even if you have to re-set your deductible mid-year, depending on your needs and circumstances.
Join a spouse's plan:
What the mean: Your job loss is a "Qualifying Life Event" that allows you to be added to a spouse’s plan outside of open enrollment
Why do this? This is often a good option, depending on your spouse’s coverage and/or any employer participation in the cost. Check the Summary of Benefits and Coverage for that option and the cost to add you and/or dependents to the plan.