COBRA Alternatives For Your Individual Health Insurance
Posted Feb 19 2009 6:08pm
While COBRA is helpful as individual health insurance to those who have been laid off, it is temporary and far more expensive than employer-sponsored health insurance, says Enhanced Online News. Even though the economic stimulus package proposes to pay up to half the cost of COBRA premiums for one year, one of several alternatives may be better suited to your health care needs. All of these options will ensure that you don’t experience a long gap in coverage.
If you expect to find a job with health benefits in the relatively near future, short term health insurance might be your best bet.
If you are generally healthy, high-deductible plans can help you save money on insurance while unemployed. They offer catastrophic coverage with lower premiums and few fringe benefits.
If you had family health insurance at your last employer, buying individual health plans for each member could actually be cheaper than buying a family plan on the open market. Children may also be eligible for enrollment in government-funded health programs like SCHIP.
No matter your situation, get health insurance quotes from various insurers; you may find a better deal than COBRA from another company.
While COBRA is helpful as individual health insurance to those who have been laid off, it is temporary and far more expensive than employer-sponsored health insurance, says Enhanced Online News. Even though the economic stimulus package proposes to pay up to half the cost of COBRA premiums for one year, one of several alternatives may be better suited to your health care needs. All of these options will ensure that you don’t experience a long gap in coverage.
If you expect to find a job with health benefits in the relatively near future, short term health insurance might be your best bet.
If you are generally healthy, high-deductible plans can help you save money on insurance while unemployed. They offer catastrophic coverage with lower premiums and few fringe benefits.
If you had family health insurance at your last employer, buying individual health plans for each member could actually be cheaper than buying a family plan on the open market. Children may also be eligible for enrollment in government-funded health programs like SCHIP.
No matter your situation, get health insurance quotes from various insurers; you may find a better deal than COBRA from another company.
(Photo credit: erik! under CC 2.0)