Too many people are losing their jobs and their benefit packages. It is more important than ever for people to make the right decisions about their medical insurance coverage. This is true whether you are looking for health insurance in the state of Connecticut or need health insurance for California resident individuals or families.
One of the big mistakes people make is to take the path of least resistance and accept their COBRA package without shopping around for other options. COBRA is simply a continuation of your eligibility for group health insurance through your previous employer. Too many people wait until their COBRA eligibility is running out to look for affordable health insurance.
COBRA Health Insurance is:
- Usually more expensive than a private health plan
- Temporary Health Insurance
- Not a “custom fit”
COBRA is Expensive
Sometimes COBRA is less expensive than a plan offered in the private market. However we often find clients who are paying double what they should.
COBRA is Temporary Health Insurance
COBRA length of coverage is usually 18 months. If you haven’t found other coverage before the 18 months is up, you will be forced to shop around when your COBRA coverage expires. You will be 18 months older and you will have had 18 months to develop a medical condition that makes you uninsurable. Most private health insurance plans allow you to keep them until you are 64. You limit your options if you stay with COBRA.
COBRA is not a “custom fit”
You will have to accept one of the plans offered by your former employer to active employees. You may do better with a higher deductible or catastrophic health insurance coverage. You may do better with a lower deductible plan. A personal health insurance agency may be able to help you pick from on of several dozen options. You may feel stuck with your Blue Cross COBRA plan. Insurance choices for your family can include other companies if you look at other options offered in the private market.
You Need more than health insurance
Your benefit plan probably included more than just health insurance. Disability insurance, life insurance and retirement savings plan may have been all included in your benefit package. Make sure that you address all the coverages that are important to you when you leave your employer.
Unemployed can mean “Unencumbered”
Many people have started successful businesses when they were unable to find employment. Many people have moved to new careers that serve them better after a lay off. There may be a silver lining, but if you don’t look for it you will just have the cloud.
Being between jobs makes life difficult. If you are a job seeker and are having a hard time finding work, please don’t park yourself in front of your television and watch your life deteriorate. Find a way to improve yourself. Public libraries are free, so are a lot of outdoor activities; you don’t have to watch your health deteriorate just because you are out of work. The website below is one I like and one that has a lot of good ideas on self improvement.
Self Improvement from SelfGrowth.com– – SelfGrowth.com is the most complete guide to information about Self Improvement on the Internet.