The sad news of the skyrocketing unemployment rates are a real eye opner. We are suprised every day by the large corporations laying off. Financial forcasts are bleak and scary. It is difficult times for many. If the financial crunch has not hit our home, it has hot someone we know.
With these long periods of time with out employment we can risk losing health insurance benefits. This is not cool, we must be proactive and find alternatives. It could be financial security doom if we let our health insurance lapse.
When we lose our job we are forced to make changes to our budget. Many times this means making cuts. Many look at health insurance as disposable and cancel their policies to save money. This can be a costly mistake! Health insurance is not a luxery, it is a necessity.
I hear the horrible stories too many times about those who went uninsured. They thought, they are healthy or it is just for a short time. No one can predict an accident or illness. What if you had such an accident or illness that landed you in the hospital. Can you afford a $50,000 hospital bill?
If you are lucky enough to be offered COBRA continuation insurance from your employer you can opt for that. but, many people just can not afford it. The cost of COBRA is often times triple your deduction you were use to your employer taking out. Why? Because, your employer is no longer sharing the cost and you must often pay administrative fees.
Do you have other options? Of course you do! Most major carriers offer individual health insurance that is affordable and flexible. Depending on your needs and expectations these plans can cost from $50 and up. You can get a basic plan, just for the major stuff or a full benefit rich plan.
There is one advantage to keeping your COBRA plan. If you have an expensive pre existing condition. If you change to a individual plan you can expect that condition not to be covered for 12 months and sometimes not at all ever. In this case it would be wise to hold on to COBRA the 18 months allowed.
Individual health insurance can be a good solution for some. But it is important to look at your individual situation. If you are interested in only getting a temporary solution that is very cheap opt for Temporary or short term health insurance.
With these long periods of time with out employment we can risk losing health insurance benefits. This is not cool, we must be proactive and find alternatives. It could be financial security doom if we let our health insurance lapse.
When we lose our job we are forced to make changes to our budget. Many times this means making cuts. Many look at health insurance as disposable and cancel their policies to save money. This can be a costly mistake! Health insurance is not a luxery, it is a necessity.
I hear the horrible stories too many times about those who went uninsured. They thought, they are healthy or it is just for a short time. No one can predict an accident or illness. What if you had such an accident or illness that landed you in the hospital. Can you afford a $50,000 hospital bill?
If you are lucky enough to be offered COBRA continuation insurance from your employer you can opt for that. but, many people just can not afford it. The cost of COBRA is often times triple your deduction you were use to your employer taking out. Why? Because, your employer is no longer sharing the cost and you must often pay administrative fees.
Do you have other options? Of course you do! Most major carriers offer individual health insurance that is affordable and flexible. Depending on your needs and expectations these plans can cost from $50 and up. You can get a basic plan, just for the major stuff or a full benefit rich plan.
There is one advantage to keeping your COBRA plan. If you have an expensive pre existing condition. If you change to a individual plan you can expect that condition not to be covered for 12 months and sometimes not at all ever. In this case it would be wise to hold on to COBRA the 18 months allowed.
Individual health insurance can be a good solution for some. But it is important to look at your individual situation. If you are interested in only getting a temporary solution that is very cheap opt for Temporary or short term health insurance.
About the Author:
Have Broker Jeff Cline help you find a the right Cobra Alternative. He is a professional on the choices including temporary health insurance. So do not uninsured one day! Give him a call 24 hours a day and 7 days a week, he can help you. His tool free number is 866-526-9669
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