“Job lock.” That’s a term used to describe a situation where individuals, due to a pre-existing health condition, have been unable to drop out of their employer’s group health plan to retire early or maybe start a new business.
But The Affordable Care Act changes that in just a few months. As of January 1, 2014, health insurers must accept all applicants, no questions asked!
“Job lock” will be a thing of the past. Consider also if COBRA – the right to continue coverage in a former employer’s group health plan for up to 18 months – will be needed.
In a week dominated by news of the delay for a year of the ACA employer mandate, let’s not lose sight of those provisions still on track.