Posts Tagged COBRA
Affordable Health Insurance
With unemployment soaring and people in fear of losing their jobs or already having lost them the concern over how to find good affordable health insurance is a pressing question. Health insurance is one of those things you hope you never need, but you sure are glad you have it when you do. However, since it isn’t a constant necessity that you use all the time you don’t want to spend a fortune on it, and yet, most policies seem to cost just that—a fortune.
Remember the COBRA
If your job has, or in the case of a layoff, had employee health insurance coverage don’t forget that the government demands that they continue your coverage for a period of time at the group play rates. Be prepared for a little bit of ’sticker shock’ however. In the event that your employer paid a part of your premiums in order to keep the group rates lower your costs for the same insurance you had while you were an active employee will cost a little more. COBRA is not generally a cost effective or affordable health insurance; it is a safety net in case the unthinkable happens while you are searching for the best coverage.
The good news is that because of the current economy and so many people facing job losses the new stimulus bill made provisions to help with the cost of COBRA health insurance so make sure your costs reflect that. It is set up to pay up to 65% of the costs of the premiums in some cases. Unless your employer paid all of your premiums when you were working that should easily cover the costs of the shared end of your payment. COBRA is limited to a certain length of time, however, so do not put off looking for that affordable health insurance in the meantime.
Check Your Health Insurance Policy for Prescriptions
When searching for affordable health insurance make sure the policies include important items like prescription coverage. Even though it may be tempting to skimp on things like that in order to save money on the premiums the costs of prescription medicines are often so high they are prohibitive without it. What good is being able to go to the doctor or hospital if you can’t afford the cure?.
Health Insurance Online Quotes
The Internet is one of the best resources you have available to you when you are searching for affordable health insurance. It makes it possible to shop and compare all available options from the convenience of your home without pressure. There are many websites you can go to that will show you comparisons of all available policies according to your specifics such as how many people are in your family, what existing health problems you may have, your age, and other personal information.
Keep it in Check
Make sure that the policy you end up choosing has a cancel period. A ten day recession period gives anyone signing a contract time to ‘cool off’ and change their minds. This is helpful if you are feeling pressured with the need to get affordable health insurance and take a policy before you find one the next day even better and cheaper.
Affordable Health Insurance AND a Tax Break
Keep in mind that as expensive as even the most affordable health insurance can be when you are paying your own premiums you can declare it on your income tax return making it a large deduction.
Reputation is Worth a Lot
Make sure you are getting what you pay for. When you find a health insurance company you feel is in your ball park price wise and has the provisions you need in a policy check their reputation. Affordable health insurance is only a good thing if the company will actually be there to pay the bills when they come in. Sometimes skimping on cost instead of paying for the solid reputations of a bigger company can be a mistake. There are, however, very responsible smaller companies out there with excellent affordable health insurance. Just be sure to do your homework so you are not left in pain and in debt when the doctor bills come in.
Tags: affordable, COBRA, health insurance, quotesAffordable Health Insurance for the Unemployed
Being unemployed can be a financial downside to say the least. You may be dependant on someone else to cover your daily expenses such as a place to live and food to eat. Health insurance is something that everyone needs and not enough people have available because of these other financial burdens. Any emergency such as a car accident or broken bone will require adequate medical assistance. What do you do when you don’t have insurance and can’t afford expensive medical bills? If you are unemployed, you need to find health insurance to prevent this from happening.
COBRA is a law in which many people could be eligible to remain on an employer’s health insurance plan even after they lose their employment. The most ideal person for this coverage is someone who is between jobs and is not in need of long-term help. It can last at least a year to those who qualify, but the premium amount is still an expense that some unemployed individuals may not be able to take care of with their lack of income. If you are able to pay the premium and are eligible, COBRA will also cover your spouse and children who are dependent on you for insurance. The best way to determine if you could receive health insurance is to contact your local employer’s benefits department and fill out the required forms.
You can also shop around for typical health insurance. Many free Internet services are proven reliable by the Better Business Bureau Online. By speaking with one of these insurance experts, you can get help finding the most affordable health insurance that will fit your specific needs. They know the rates of thousands of insurance companies and can fix you up with appropriate coverage for your specific needs. If you have a spouse or children, having health coverage is a necessity. Life is full of unexpected events and you cannot ensure that everyone will stay completely healthy until you have insurance again because accidents do happen. Finding an affordable coverage rate on your own can be a hassle. The experts at these companies are offering their assistance to you, often as a free service. Whether you need to find something short-term or for an extended period, they are qualified and dedicated to helping you.
If you find yourself unemployed at any time in your life, you are probably without health insurance. This can be a nightmare whether you have a family or not because medical expenses can put you into debt quickly. Luckily, there are ways of finding affordable coverage providers that can keep your health, as well as your finances, safe. A simple doctor visit can cost you significantly more money than it would with insurance. Do not let yourself become one of the many people who are unfortunately living life without proper insurance coverage.
Tags: COBRA, health insurance, medicalWhat if I leave my job?
The Consolidated Omnibus Budget Reconciliation Act
(COBRA), a law created in 1986, gives workers (and members of their family) who lose their health
insurance benefits the right continue their group health insurance for a limited period of time under
circumstances such as voluntary or involuntary job loss, reduction in hours, transition between jobs, divorce, adoption and death.
Generally, the employee pays up to 102% of the premium cost for the same policy; this is still usually less expensive than buying an individual insurance policy.
There are three basic aspects for qualifying for COBRA: the qualifying event, the insurance plan coverage and the qualified person.
Each aspect is taken into consideration when applying for COBRA and you must elect to either apply for COBRA or waive your rights to COBRA within 14 days after a qualifying event.
You must also have been in the group insurance plan during your employment to be eligible. Although there are exceptions, generally you may continue to pay your own premiums to keep COBRA coverage intact for up to 18 months.
Companies who have fewer than 20 employees, State or Federal employers or employee organizations may not offer COBRA coverage.
Check with your health insurance administrator to see if you may qualify. You may also have this information readily available in your group health insurance policy or in your company handbook.
Although it may be expensive, the cost of being able to keep your group insurance coverage rate may be well worth it.
Tags: COBRA, coverage, health insurance policy, individual insurance, individual insurance policy, insurance plan