No matter what the current economic climate, the fear of unplanned unemployment can always pose a very real and serious concern. Losing a job doesn’t only indicate the loss of a steady weekly income. Additionally, the jobless also find fringe benefits, such as health insurance, subside very quickly after termination. Our health care system can, at times, seem a frustrating quagmire to navigate through for those who suddenly find themselves needing to maintain a health plan coverage. However, a few tips and suggestions may help with the plight.
What To Know
First, check a spouse’s coverage options. If a partner is currently employed, he or she potentially has access to health insurance and benefits. Even if the coverage was originally waived during the spouse’s start period, a quick trip to the HR office to describe the unforeseen special circumstances often allows for immediate coverage. This will help ensure no lapse in coverage from having to wait for the next formal enrollment session.
If acquiring benefits through a spouse’s job is not an option, COBRA may provide a valid and viable choice. COBRA is a federal regulated plan which mandates a former employee’s right to extend health insurance through a former employer for a period usually lasting 18 months. One important thing to note is that beneficiaries of the plan have to absorb the entire cost of the full premium which can be extremely pricey. It’s important to thoroughly understand the details of the plan to ensure that other commercial insurance options aren’t a more sound solution for an individual or family.
Most states run local programs do supply coverage for children who don’t have coverage. Check with local government entities to find out options for getting minors on a plan.
Occasionally outside hobbies and interests may assist in the quest to obtain health insurance. Active members in various clubs, religious affiliations, unions and fraternal organizations can often receive an assortment of plans to cover an unexpected lapse. Check with these groups to determine what options are offered and what qualifications or requirements must be met for eligibility.
With all the changes and modifications consistently being made in the local and federal heath insurance coverage mandates, the private sector has recently created an escalating number of plan options for both individuals and families. Most private corporations provide information online for smart shopping and comparisons. Families with a relatively clean bill of health and tight budget may want to consider a less expensive, high-deductible policy to help defray the overall cost.
In addition to straightforward health coverage, a low-cost prescription drug program may also be obtained to assist with payment for treatments on pre-existing ailments. Be sure to research available options to ensure the most comprehensive coverage possible.
Losing a job and consistent wage is never an easy ordeal. Understanding options for health plan benefits can help make sure that an individual or family doesn’t have to worry about unforeseen illness and health insurance as well as a decreased household income.