Wednesday
Stay Health Insured Even If You've Been Laid Off
Times are hard enough now a days with the economy on a very steep downward spiral. However with jobs gone, naturally something will follow it: Health insurance. Millions of Americans have lost not only their only mean of income but also a basic human necessity in their health care. I have been there myself, and so have many others.
Usually once employment is terminated, the employer will stop paying for the employee's health care costs on the last day of the month when employment ended. Even if the employee finds another job within a couple of days, their new health insurance will have to wait for about 30 days to become active through the new employer. It is for this reason that is extremely important for the person to shop around for health insurance as soon as he is laid off. out of pockets hospital expenses are not laughing matter. I had a fainting episode a few years ago and found my self in the precarious situation of having to pay about $5000 dollars out of my pocket because of not having health insurance. You live and you learn but this doesn't have to happen to you so be prepared and always be aware of the importance of having that insurance card in your pocket.
Realistically the chances are slim that you will find work right after being laid off. So there are other alternatives to get health insurance while you find that other job. I'll outline a few of them:
Some companies offer a type of temporary insurance that ranges from coverage for one month to three years. These plans have been structured to fill the void from one insurance plan to the next. Of course this is a double edged sword since it is usually quite inexpensive when compared to other plans, it does not cover certain costs associated with your health care or the cost for the treatment of pre-existing medical conditions. Nor will it cover serious chronic long-term illnesses or pregnancy. This type of insurance is adequate for those that want coverage for prediction medicine or out patient therapy.
There is also COBRA Insurance. If you were employed by a company with more than 20 employees, upon termination you are allowed to keep your health insurance for up to 18 months at your own expense since you no longer work for the company. The drawback is a high monthly premium.
Individual conversion is essentially the same as COBRA, except that it was structured for those companies with a smaller number of employees. What it essentially does is that it allows employees to upon termination convert their program from a group plan(company plan) to an individual plan. This is all without needed to prove eligibility since you were previously covered under your employment terms.
I hope that you will take advantage of all the information that i have provided above. Health care benefits should not be played with. The costs are high and you will definitely feel a hole in your pocket should you fall ill without being covered. A great site for finding out more how you can save and keep covered under health insurance even when you have lost your job is listed below. Pretty much they will lead you by the hand in selecting the best insurance coverage for you and your family with the leading insurance companies.
Jud_Di
