American Workers Lose More Than Income

American Workers Lose More Than Income

(FinancialHealth.net) – COVID-19 is ravaging the US economy. The coronavirus outbreak has wiped out almost all the jobs gained since the Great Recession, according to CNBC. Now, millions of American workers could be without health insurance in the middle of a global pandemic.

According to a report by the Economic Policy Institute (EPI), an estimated 9.2 million people have likely lost their employer-sponsored healthcare plans. Josh Bivens, director of research at EPI, told Yahoo Finance about 22 million people lost their jobs in that period. The institute’s “really rough estimate” comes from the fact that the majority of workers get their insurance through their jobs.

While the numbers above are high, it’s not the end of the world. When a person loses their employer-sponsored health policy, they qualify for a special enrollment period on healthcare.gov. The marketplace has easy-to-follow instructions and applicants can see if they qualify for subsidies to help with the cost.

Hopefully, when the economy opens back up, Americans who’ve lost their jobs during the pandemic will go right back to work. Our economy was record setting before COVID-19, and it can get there again. In the meantime, there are options available to the people who’ve lost their health insurance.

~Here’s to Your Financial Health!

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