COVID-19 has spurred an economic recession that’s left many Americans out of a job. And that includes older workers. In January, the unemployment rate among workers aged 55 and over was 2.6%. In April, it soared to 13.6%. That means a large number of older Americans are missing not just their paychecks, but the benefits that went along with them – namely, health insurance.
If being out of work has cost you your insurance, you’ll need to figure out coverage immediately. Going without insurance is an unwise move in general, but it’s especially dangerous during a pandemic. If you’re not yet 65, you may have no choice but to sign up for COBRA and retain your existing coverage, albeit at a hefty cost, or otherwise buy a plan on the health insurance exchange.
If you’re laid-off from a job at age 65 or older, on the other hand, you have more options, because at that point, you can sign up for Medicare. But does enrolling in Medicare make sense in that scenario, or are you better off opting for COBRA and enrolling in Medicare later in life?
