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.
COBRA is the plan most have heard of. Since COBRA went into effect in 1986, millions of unemployed have been able to continue their health coverage for up to 18 months after the employment terminated. You will have to pay the entire premium, though, and this may cause your monthly insurance costs to go up if your employer was formerly paying part of it. But if you have pre-existing conditions, this still is an excellent option.
Another option is what is known as temporary health insurance. This is designed specifically for short lapses of health care coverage while you're between jobs and not covered by an employer's plan. Policies frequently are written for a period of six months, and the cost is usually very reasonable. This option often works out to be less expensive than a COBRA plan, since many large companies pay a significant part of the employee's health premium.
Depending on certain considerations such as income and family situations, another option may be Medicaid or a low cost plan offered by your state. Many states offer sliding scale insurance coverage for families who otherwise would not be insured. Often children are eligible for free insurance coverage under the state as well. If you are unsure if you qualify, contact your state's Social Services department and they will be able to tell you what 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.
COBRA is the plan most have heard of. Since COBRA went into effect in 1986, millions of unemployed have been able to continue their health coverage for up to 18 months after the employment terminated. You will have to pay the entire premium, though, and this may cause your monthly insurance costs to go up if your employer was formerly paying part of it. But if you have pre-existing conditions, this still is an excellent option.
Another option is what is known as temporary health insurance. This is designed specifically for short lapses of health care coverage while you're between jobs and not covered by an employer's plan. Policies frequently are written for a period of six months, and the cost is usually very reasonable. This option often works out to be less expensive than a COBRA plan, since many large companies pay a significant part of the employee's health premium.
Depending on certain considerations such as income and family situations, another option may be Medicaid or a low cost plan offered by your state. Many states offer sliding scale insurance coverage for families who otherwise would not be insured. Often children are eligible for free insurance coverage under the state as well. If you are unsure if you qualify, contact your state's Social Services department and they will be able to tell you what 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.
About the Author:
Today's difficult economic times find many of us without family health insurance. If you are looking for the perfect medical insurance provider, visit www.GoHealthInsurance.com, the internet's premier provider of answers to your health insurance related concerns.
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