My wife is losing her job, and we’ve relied on her insurance for nearly 15 years. I’m feeling overwhelmed and really panicking. While I know I could look up the information online or ask Siri, my anxiety is making it hard to think clearly. I’ve gotten used to her coverage, which was quite good, but I have no idea about the insurance options available through my job, aside from knowing that many people dislike it.
Her company lost the contract, and now her whole team is being let go with minimal notice and a ridiculously small severance package. I’m wondering what will happen to our HSA and FSA during this transition. Also, I have an MRI scheduled for next week and may need surgery shortly after, which adds to my worries. Additionally, my wife is at high risk for breast cancer, and we heavily rely on her insurance for monitoring.
If anyone has insights or advice, I would really appreciate your help. Thank you so much! 🙏🏻🙏🏻🙏🏻
I’m really sorry to hear about your wife’s job situation; that must be incredibly stressful for both of you. Here’s a breakdown of what you might need to consider regarding your insurance and health accounts:
Current Insurance: Since your wife is losing her job, her employer-sponsored insurance will likely end on her last day of employment. Make sure to confirm when her coverage officially ends—this is usually at the end of the month she is terminated.
HSA and FSA:
Flexible Spending Account (FSA): Unfortunately, FSAs are typically use-it-or-lose-it accounts, which means you may lose any remaining funds when her employment ends. However, check with your benefits administrator about any options for extending coverage or accessing remaining funds.
In-flight Medical Care: If you are referred for an MRI, it’s crucial to get that done before your wife’s insurance ends. Contact the imaging center to find out how they handle pre-authorization and scheduling to ensure everything is covered while she’s still insured. If you might require surgery soon, you should also discuss this with your healthcare provider to determine what can be done under her current coverage.
COBRA: After her employment ends, you might have the option to continue her employer’s health insurance through COBRA for a limited time (usually up to 18 months), but keep in mind that you’ll have to pay the full premium plus a small administrative fee. This might be worth considering to maintain access to the same network of doctors and coverage.
New Insurance Options: Explore your own employer’s insurance options. Even if it’s not highly regarded, it may still be better than being uninsured. If you don’t have access to insurance through your job, consider looking into the Health Insurance Marketplace for coverage starting after your wife’s insurance ends.
Consider a Consultation with a Financial/Insurance Advisor: If possible, consulting a professional may be beneficial to help navigate your options. They can provide personalized advice based on your financial situation and health needs.
It’s understandable to feel overwhelmed right now, but take things step by step. Prioritize immediate healthcare needs, explore your insurance options, and don’t hesitate to reach out for support from professionals or organizations specializing in health insurance. Hang in there!