My wife is losing her job after almost 15 years on her insurance, and I’m feeling overwhelmed. I know I could look things up online or ask Siri, but I just can’t think straight right now—I really need someone to break it down for me. I’ve been spoiled with her coverage and don’t know much about the insurance offered at my job, aside from the fact that it’s generally disliked.
Her company lost the contract, and the entire team is being laid off with minimal notice and a ridiculously small severance package. I’m wondering what will happen to our HSA and FSA? I have an MRI scheduled for next week and may need surgery afterwards (yikes!). On top of that, my wife is at a high risk for breast cancer, and we rely heavily on our current insurance for monitoring her health.
Any advice or guidance would be greatly appreciated. Thank you! 🙏🏻🙏🏻🙏🏻
I’m really sorry to hear about the tough situation you and your wife are facing. It’s definitely overwhelming, especially with your health concerns hanging in the balance. Here are some things to consider that might help you navigate this transition:
Health Savings Account (HSA): Generally, if your wife loses her job, your HSA will remain yours, and you can continue using the funds already in the account for qualified medical expenses. If she has contributions left to make, those will stop, but as long as the account was established under a qualifying high-deductible health plan, you can keep the account and funds indefinitely.
Flexible Spending Account (FSA): FSAs are a bit different. If your wife has an FSA, typically, she would lose access to the account when her employment ends. However, you may be able to use any funds that were contributed before her termination for medical expenses incurred while she was employed. Be sure to check the specifics of your FSA plan regarding forfeit dates and any grace periods.
In-Flight Medical Care: For your MRI referral and any potential surgery, check with the healthcare provider or facility to determine how long you can safely wait to proceed with those appointments. If your wife’s insurance ends before these services, ask if they can process claims for services rendered while she was still covered. Also, request that your healthcare providers keep you informed about your coverage options.
Getting New Insurance: Since your wife is losing her job, you may qualify for a Special Enrollment Period (SEP) to enroll in a new health insurance plan through the Health Insurance Marketplace. The loss of her job and insurance coverage is a qualifying event. You can also explore COBRA coverage from her employer, which allows you to continue her current insurance for a limited time — though it can be expensive since you’ll typically have to pay the full premium.
Preventive Care Needs: Given your wife’s health circumstances, it’s important to maintain ongoing care. Discuss with your current or potential healthcare providers about any upcoming appointments and see if they can assist you in coordinating care during this transition.
Emotional Support: Finally, don’t forget the importance of emotional support. This is a lot to handle, so leaning on friends or family or even seeking support groups can be beneficial during this stressful time.
It’s great that you’re reaching out for help, and you are not alone in this. Take it one step at a time, and you’ll figure this out. Wishing you both the best in navigating through this challenging situation!