Health Insurance After Job Loss
They say the last few years has not qualified as a Great Depression, but it sure feels like that is the case. From home foreclosures to bailouts, it has just been ugly all over. One are that has been really bad has been employment where we are seeing unemployment rates not seen since, well, the last Great Depression. The question for many people is what to do about health insurance when they lose their job.
The vast majority of Americans have their health care covered through their employer. The specific product is known as the group health insurance plan. Through it, the employer and employees team up to leverage their bargaining power. By doing so, they get a health plan from which people cannot be excluded by the insurer. The employees further benefit by having the employer pay half the premium or more and the employer gets a break since it gets to write off the costs in many situations.
Ah, but what if you lose that job? The current unemployment rate in the country is hovering around ten percent. The real number when you consider people out of work for longer than a year or who are partially employed is a staggering 17 percent or more. 17 percent! For all these people, the issue of maintaining some form of health insurance is a critical one.
The first thing to realize is you can actually maintain your current health insurance under legislation known as COBRA. Why the snake name? Well, it has nothing to do with snakes and is actually the abbreviation for the law in question - Consolidated Omnibus Budget Reconciliation Act. Under this legislation, you can continue your health insurance for a period of 18 months in general. This varies by the plan, so check your situation out closely with the human resources department.
Now the bad news. Your employer paid part or all of your health insurance premium when you had a job with them. This is no longer required with COBRA. As a result, it will seem like your premiums will shoot up. They will not. You are just being faced with the responsibility of paying the full amount in question. All and all, this is still usually cheaper than an individual policy, but make sure to check around.
Mark P. Warner is with http://www.BestPlacetoBuyHealthInsurance.com
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