Many of those who are still employed are worried about what the coming year will bring. More and more people are losing their jobs and along with them all the benefits that having a steady full time job brings, the most basic of which is health insurance. Most companies will at least subsidize some of their employees health benefits making the insurance premiums a little more affordable. The reality that many of us may become unemployed means that we have to carefully scrutinize our health insurance options to see what we would do if faced with this situation and as with anything it is always best to be prepared. Outlined here are some potential options for those who are facing or may be facing 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.
Temporary health insurance is another option that is designed to provide coverage for short periods of time, usually six months. The advantage of temporary health insurance is that it is more readily available and usually relatively inexpensive. Sometimes it can even be less expensive than participating in COBRA, because of the fact that employers often pay a portion of the premium, which the employee would have to pay after leaving the company.
Medicaid is another option to consider, though eligibility is normally limited by income and family situations. Some states also offer low cost insurance on a sliding scale to those who don't have health care coverage, with special plans for children to receive free health care as well. Contacting your state's Social Services agency will help you with how best to proceed and what programs you qualify for.
Knowing what types of coverages are available to you and your family will help guide you and make the process much easier when the time comes. Keeping your family insured during tough times can be less of a chore if you know your options. - 16492
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.
Temporary health insurance is another option that is designed to provide coverage for short periods of time, usually six months. The advantage of temporary health insurance is that it is more readily available and usually relatively inexpensive. Sometimes it can even be less expensive than participating in COBRA, because of the fact that employers often pay a portion of the premium, which the employee would have to pay after leaving the company.
Medicaid is another option to consider, though eligibility is normally limited by income and family situations. Some states also offer low cost insurance on a sliding scale to those who don't have health care coverage, with special plans for children to receive free health care as well. Contacting your state's Social Services agency will help you with how best to proceed and what programs you qualify for.
Knowing what types of coverages are available to you and your family will help guide you and make the process much easier when the time comes. Keeping your family insured during tough times can be less of a chore if you know your options. - 16492
About the Author:
Today's tough economic times find many of us without family health insurance. If you are looking for the best medical insurance provider, visit www.GoHealthInsurance.com, the internet's top ranked provider of answers to your health insurance related questions.
