With the economy in dire straits and unemployment rates skyrocketing, many of us are justifiably worried about the next year. With more people losing jobs every day, many of those who still have jobs are being forced to consider the real possibility of losing their jobs in the future. And along with the loss of the job, the added benefit of health insurance will likely go away also. The circumstance of being out of work and without health insurance is not one anybody is likely to look forward to. There are options available, however, for those who are facing possible unemployment.
The first is perhaps the most common option and the one that most people are familiar with and that is COBRA. The COBRA plan, which stands for Consolidated Omnibus Budget Reconciliation Act is a health benefit provision that was put into effect by the Federal Government in 1986. It essentially requires your company to allow you to extend out your health insurance benefits with the company at the group rate for a period of up to 18 months. On this plan however, you will pay your part and the part of the premiums that your employer was paying for you, so the cost will go up, but still may be more affordable than purchasing the insurance privately.
A second, less known about option is that of what is known as temporary health insurance. This insurance is specifically designed to insure you in between jobs or during lapses in health insurance. It is usually relatively reasonable to carry and can help cover you until you can pick up a more permanent health insurance policy. Many people find that this option is actually less expensive than their COBRA plan, since many large companies have good insurance plans and absorb a lot of the costs for their employees, there can be a significant change in your out of pocket expenses when you begin paying the premiums through COBRA.
There is a third option to consider, depending on your financial and family situations and the region of the country in which you live. That is Medicaid, or some sort of low cost insurance plan offered by your state. In order to meet the demands of a growing uninsured working population, many states are offering sliding scale insurance coverage for low to middle income families who do not have any insurance, and sometimes if you have kids, they may be eligible for free insurance through the state. Most of this information can be accessed by contacting the Social Services organization in your area. They should be able to tell you what if any health insurance programs you may be eligible for.
Keeping your family insured through tough times is important. And being informed about your options in advance can take away the stress you'll likely be under when the time comes. Looking into what's available in advance can make a big difference. - 16928
The first is perhaps the most common option and the one that most people are familiar with and that is COBRA. The COBRA plan, which stands for Consolidated Omnibus Budget Reconciliation Act is a health benefit provision that was put into effect by the Federal Government in 1986. It essentially requires your company to allow you to extend out your health insurance benefits with the company at the group rate for a period of up to 18 months. On this plan however, you will pay your part and the part of the premiums that your employer was paying for you, so the cost will go up, but still may be more affordable than purchasing the insurance privately.
A second, less known about option is that of what is known as temporary health insurance. This insurance is specifically designed to insure you in between jobs or during lapses in health insurance. It is usually relatively reasonable to carry and can help cover you until you can pick up a more permanent health insurance policy. Many people find that this option is actually less expensive than their COBRA plan, since many large companies have good insurance plans and absorb a lot of the costs for their employees, there can be a significant change in your out of pocket expenses when you begin paying the premiums through COBRA.
There is a third option to consider, depending on your financial and family situations and the region of the country in which you live. That is Medicaid, or some sort of low cost insurance plan offered by your state. In order to meet the demands of a growing uninsured working population, many states are offering sliding scale insurance coverage for low to middle income families who do not have any insurance, and sometimes if you have kids, they may be eligible for free insurance through the state. Most of this information can be accessed by contacting the Social Services organization in your area. They should be able to tell you what if any health insurance programs you may be eligible for.
Keeping your family insured through tough times is important. And being informed about your options in advance can take away the stress you'll likely be under when the time comes. Looking into what's available in advance can make a big difference. - 16928
About the Author:
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