Affordable Health Insurance When You Lose Your Job: 4 Ways to Get it
1. Take advantage of The Consolidate Omnibus Budget Reconciliation Act (COBRA).
Advantages
o You can keep the coverage you had while employed.
o You may continue the coverage for up to 18 months.
o There is no extra premium if you have a preexisting condition.
Disadvantages
o You (rather than your employ) must pay the premium.
o The premium is expensive.
o If you are healthy and do not have regular doctor visits, you may be paying for more coverage than you need.
2. Purchase a temporary health insurance policy.
Advantages
o There is a wide range of coverage.
o The coverage is relatively inexpensive.
o The deductible is relatively low.
o You can choose your doctors and hospitals.
o You may only buy coverage to cover catastrophic medical problems (which could lower the premium).
Disadvantages
o Exclusions – Some policies do not cover preexisting conditions, such as pregnancy.
o The deductible may apply each time you use the policy.
o With most policies, the coverage ends after 365 days, which could pose a problem if your job search extends for more than a year, or a if you take position with no health insurance.
o Each time you use the coverage, it could constitute a preexisting condition, which could cause you to be denied for insurance in the future.
3. Purchase a permanent health insurance policy.
Advantages
o You can keep the coverage as long as you need it. This may be beneficial if you have an extensive job search, take a job with no insurance coverage or become self-employed.
o In some case, premiums may be lower than temporary policies.
Disadvantages
o The premium may be expensive.
4. Shop for a low cost health insurance policy.
Prices for the same coverage can vary by hundreds of dollars, so it pays to receive several personal health insurance price quotes.
Get instant health insurance quotes at http://howtocutexpenses.com.
With over 20 years of experience as a personal financial educator and counselor, Vernon Williams has developed in depth knowledge of what it takes to achieve financial success. Today, he is a sought after trainer and speaker by organizations from both the public and private sector. He is the author of 425 Ways to Stretch Your $$$$ and 3 Rules that Guarantee Financial Success. For additional money-saving tips, go to http://howtocutexpenses.com.
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Article Tags:
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