Getting fired from a job or being let go due to downsizing (the difference is only really relevant at this point to your self-esteem) is a difficult position to be in. You have a lot of things to worry about, from the bills that need to be paid to the food that you need to put on your table. What can put you in a worse position however, is the loss of your health insurance coverage which is a sure way to crank up the risk factors as far as your finances and wellbeing are concerned.
As such, you have to be prepared to act if you lose your insurance coverage when you lose your job. By keeping the following tips in mind, this is what we will strive to help you with today.
If you were just fired, try to see if your company recently deducted a whole month’s worth of premium and how many days you have left. Your company cannot cut you off before your coverage is up since that would be illegal. This would effectively give you some time to come up with a solution to your problem, well, one of your problems.
Consolidated Omnibus Budget Reconciliation Act or COBRA is basically a way for you to continue being covered under your company’s health insurance plan. The problem, as you might have already deduced, is that you will have to pay the premium in full all by yourself. Now, this would not have been a problem before as this is how a lot of people would have health insurance, but your lack of paid employment certainly makes this proposition a little more difficult.
Of course, you also have to consider that a medical emergency could effectively bankrupt you. So you really have to weigh the potential consequences against the prospect of perhaps cutting down on a few non-essential expenses to continue getting coverage.
Affordable Care Act
The Affordable Care Act or Obamacare as many people like to put it, allows a lot of uninsured people to get the insurance they need. It still misses a lot of folks, but at least several million people who did not have insurance before could be insured now.
With the assistance that this legislation provides, you can get affordable coverage even when you do not presently have a job. You just have to be careful where to shop though.
If you are married and your spouse is employed, you can just enrol to have their protection too. Make sure to act fast though as enrolment periods tend to be limited.