Insurance for the unemployed
Once you become unemployed you may believe that your insurance option is just to keep the COBRA benefits, which are extended to you by your former employer. Since the decision must be made relatively quickly, whether to use this extended coverage or choose another option, once you lose your job you will have to make some decisions fast so be prepared.
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The best way to know your choices about COBRA and the additional money that the government will offer to help pay for this protection, may come from your local unemployment office. This office can provide the information needed to start taking your initial decision.
While most companies offer their employees good benefits, when it comes to COBRA you will be paying the entire premiums yourself and this will usually more than double the amount that you are paying for your health insurance benefits and many people struggle to pay these premiums on their lesser salary. If you are relatively healthy or have other insurance options for your family members then you may want to consider just getting a private pay catastrophic health insurance plan to help you maintain health insurance while you are looking for a job. Many insurance companies even offer a short term or temporary health insurance option which may be more cost effective and will still help you to stay covered just in case.
Unfortunately, COBRA will probably be the only option that will be presented to you, but there are many other options available to you, and while COBRA may seem the easy answer, you really need to do the leg work to determine if this is the best option you have. Many individuals and families choose to terminate their COBRA coverage and find a private insurance plan that costs them less and still meets the needs during the period they are unemployed.
Looking at all the options may be a bit time consuming especially when you are looking for another job at the same time but it is important to make an informed decision and to choose wisely. Hopefully you will only be unemployed for a short period of time but in the current economy no one really knows how long unemployment will last so make sure that you choose a premium amount and insurance policy that you can live with for up to a year if need be.
Whether you are shopping for an individual Medical insurance plan or you want a Group health insurance policy for your business log onto gohealthinsurance.com.