My daughter's company went bankrupt. They announced closing partway into February, the month they closed.
Her insurance has always terminated on the last day of work (not the end of the month), and when you go bankrupt the obligation to provide COBRA disappears in most instances.
In theory, you can buy insurance under the HIPAA guarantee - but you have to be able to find a plan that starts mid-month.
The qualifying event permits you to purchase insurance outside of open enrollment, but does not guarantee mid-month enrollment.
She has had a maximum of $2,200 out of pocket expenses on her old plan, which rolled over July 1 - so she paid (by the end of July) all she would ordinarily have had to pay until July 1 2020.
Because she doesn't have the option of COBRA, she has to start a brand new plan year as of Sunday - this one also has a $2,200 max out of pocket, that she will spend by the end of this month.
She will be eligible on June 1 for insurance at her new workplace - another $3,500 out of pocket that she will spend within a month. AND since she is eligible for work insurance, she loses her subsidy if she stays on the ACA plan.
Then in October the plan at her new job starts a new year.
So - she will have to satisfy 4 out of pocket maximums in a 16 month period (total of $11,500). Since her billed costs are $200,000 every year, she'll pay every penny of it. Or, more accurately, mom will pay every penny of it since her new job will pay her all of about $18,000 a year.
There are holes - but at least she doesn't have to pay $18,000/year for insurance on top of the out of pocket expenses. (And her company was nice enough to keep her on the extra 3 days she needed to cover one more $24,000 infusion - so she didn't have to wrestle her new company to the ground for approval in the first days she was on the plan.)
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