HEALTH INSURANCE
COBRA allows laid off workers at large
employers to pay to continue their health
insurance coverage, but it can be prohibitively
expensive. Being laid off also qualifies as a life
event for most insurers, which means someone
could get on a partner’s insurance outside of the
normal open enrollment period.
Due to the coronavirus, a handful of states
have reopened their individual insurance
exchanges to people who didn’t find coverage
during the regular sign-up windows that
started last fall. People who have lost coverage
through their employer are allowed to
shop on the exchanges outside the regular
enrollment period.
Some households may qualify for their state’s
Medicaid program too.
DEBT
If you are struggling to pay your credit card, auto
loan or other debt, reach out to your lender.
They’ve been instructed by federal regulators
to work with borrowers impacted by the virus.
Banks have said they are willing to make a
variety of arrangements such as waiving fees,
temporarily lowering interest rates or making
other payment arrangements.
STUDENT LOANS
Federal loan borrowers can now seek an
emergency administrative forbearance, which
would allow them to postpone payments for up
to 60 days. Borrowers must contact a servicer
to apply.