Local financial expert explains what to do if you lose health insurance during COVID-19 pandemic

JACKSONVILLE, Fla. — Millions of people have lost their jobs during the coronavirus pandemic, and their ability to pay for health insurance.

Carolyn McClanahan, the Founder of Life Planning Partners, explains your options for new coverage.

When deciding between Consolidated Omnibus Budget Reconciliation Act (COBRA) and the Affordable Care Act (ACA), McClanahan said it’s important to evaluate your income first. What can you afford and are you considered to be within the federal poverty level.

“When you lose your job and you have health insurance, you have one of two choices. You can go on COBRA coverage. Your employer is required to offer that and you can be on that for 18 months after you lose your job. Or you can go on a plan through the Affordable Care Act of, basically, an individual plan,” McClanahan said.

People who fall between 100%-400% of the Federal Poverty Level could qualify for tax credit.

She explains how to get maximum coverage ahead at 6 p.m. on Action News Jax.

Find more information in how to qualify for coverage here.