What You Need to Know About Health Insurance
As stressful as being laid off or let go from a job position that provides health insurance is, it's crucial that your focus remains on your health-- and not your loss of income alone. That’s because going without health insurance could cost you thousands of dollars if you become gravely sick or injured.
Fortunately, there are a few options at your disposal, and making the right choice is crucial for your health, finances, and family situation to all remain in alignment with one another. Below are three possibilities to get you past the tough treading that is a between-job situation:
# 1: Use the COBRA
If your company has more than 20 employees, it’s supposed to tell you about COBRA (Consolidated Omnibus Budget Reconciliation Act) health benefits. That’s because they entitle you to continue receiving the health insurance you had when you were working for up to 18 months after your unemployment.
Still, be aware that you’ll have to pay all of the premiums that were subsidized by your employer, which can be expensive. Some estimates even show that a policy covering one person can cost a whopping $400 each month.
# 2: Sign up with your partner
If you’ve recently lost your job, you can also apply to get on your partner’s policy. Jerry Redington, a veteran health-insurance broker, says insurance companies frequently allow for enrollment in what’s known as "life event changes."
# 3: Locate a short-term policy
These policies are set in place to fill space between longer-term health coverage choices. "They can cover you, for instance, if you get a new job but the health care on that job doesn’t kick in for three months," Redington concludes.
Always consult your chiropractor or primary care physician for all your health related advice.