Answer 4: B
This is one of the most expensive mistakes people make. If you voluntarily drop COBRA or stop paying the premiums outside open enrollment, that generally does not count as a qualifying event for a Marketplace Special Enrollment Period. You could be left without coverage until the next open enrollment.
There are exceptions. If your COBRA coverage runs out completely, or your former employer stops paying part of the COBRA cost, you generally can qualify. During the yearly open enrollment period, anyone can switch.
Tip: compare COBRA and Marketplace prices before you elect COBRA, while your Special Enrollment Period is still open.
Question 5 of 8: The income question
The Marketplace application asks for your income. You earned well for six months, then lost your job. What income do you enter for help with premiums?
- A. Last year’s income from your tax return
- B. Your old salary, as if you had worked all year
- C. Your best estimate of total household income for this calendar year, including unemployment benefits
- D. Zero, since you have no job right now