For most people, losing their job doesn’t just mean loss of income; it also includes the loss of affordable healthcare. While some newly unemployed workers may opt for an extension of their company’s insurance plan through COBRA, this is often a highly expensive way to receive health coverage. Instead, many people choose a temporary insurance plan to cut costs.
Being unemployed and uninsured is a bad idea. Any costs that result from illness or injury, you would have to pay for any medical treatments directly out of pocket. This can lead to substantial debt that your can’t repay while unemployed.
Purchasing a short term health insurance plan instead of utilizing the COBRA option is an affordable alternative. While a short term plan may offer less coverage than a COBRA plan, it does offer coverage for care received in emergency situations, including hospital stays.
If you don’t have medical insurance, you can still receive temporary coverage in a short term insurance plan. Coverage begins as you soon as you sign up after being laid off or fired. Short term plans don’t include long waiting periods for approval as is found with traditional insurance plans.
Watching your money is important when you are unemployed. By paying less with a short term insurance plan than you would with a COBRA plan, you can relax and know that you will be covered in the case of an unexpected illness or emergency. During these uncertain times, being insured means the important benefit of the peace of mind that you will be taken care of.
After you lose your job and have filed for unemployment benefits, take the time to research the short term health insurance options available for you. Be sure to compare costs and coverage for several plans, in order to find the best one for your situation.
Purchasing from a reputable short term insurance company is the best way to find the most value for your money. Research any potential companies online to learn more about what their short term plans offer. To make sure you are getting the coverage you need, ask any questions that you may have prior to purchasing a plan.
Worrying about how to pay for unexpected medical situations is too much stress to consider when you are also faced with losing your job. When you have purchased a short term health insurance plan, you can spend more time looking for work and save money along the way.
Dan Miller often writes about short term insurance.
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