If you lose your job, do you know where to turn for health insurance?
Larger companies must offer their employees COBRA benefits if they are terminated, yet many employees don’t even consider this an option because of the expense that comes along with this type of insurance.
In short, consider purchasing COBRA to extend your healthcare benefits if you can afford it. COBRA is still the best plan of action for most individuals who are terminated from their position and lose their healthcare.
However, if COBRA simply isn’t an option, you may still have other options available to you:
- Purchase an individual insurance plan - If you are in good health, you may be able to find a quality health insurance plan for less than COBRA; however, expect your coverage to be more limited than COBRA coverage. If you have pre-existing conditions, you may have more difficulty getting an individual health insurance plan. However, don’t assume that you are ineligible for an individual insurance plan; instead, check out your options. The health care reform law, in fact, prohibits health insurance companies from rejecting you based upon pre-existing conditions.
- Consider group coverage - You may be eligible for group coverage if you go into business for yourself. All states require health insurance companies to provide group coverage for business with two or more employees, so it isn’t out of the question to receive group coverage, even if you have only one other employee. In addition, insurance companies cannot deny you because you or your employees have pre-existing conditions.
- Check state insurance programs for your kids - If you are unable to keep your health insurance coverage, you can at least make sure your kids are covered. Every state has some kind of children’s health insurance program. Information about all of these programs can be found at www.insurekidsnow.gov. These types of programs are available to all children, although prices may vary depending on your income level.
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