When you lose your job, you don't only just lose your income, but in most cases, you can lose your health insurance coverage as well. In order to keep some type of coverage, you are forced to pay steep premiums out-of-pocket to get basic coverage.
A recent article by the New York Times talked about this very issue and gave some options for those who have lost their health care coverage. With so many people out of work today, the government has been looking for ways to help. The recent stimulus package that was signed into law by President Obama offers some help. There are some changes to Cobra and to CHIP (Children's Health Insurance Program), which provides some coverage to the children of low income parents.
According to the Times, here are some things you can do if you are unemployed an uninsured:
- Take advantage of COBRA- Cobra is a program designed to allow employees to continue their health care coverage after they leave their employer. Until recently, the cost for this type of insurance extension was very, very expensive. Employees were faced with having to pay 120% of their insurance premiums after leaving the company. The new stimulus package has temporarily changed the rules and in some cases you would only have to pay 35% of the premium and the government picks up the rest. This change can help many people afford their coverage after losing their job.
- If you have a pre-existing condition- You can use COBRA to your benefit by keeping your individual policy with your existing insurance provider and finding separate insurance for the rest of your family. If you have a health condition, you would be looking at very high premiums if you were to look for insurance on your own. So, keep your existing plan if you can.
- For your children- There are programs that can help provide insurance to children at a discount, depending on the parents' income. Look into CHIP and Child Health Care Plus.
- If you are young and healthy- You can take a look at a health care program that has a high deductible. These plans cover any large medical expenses, but you typically have a high deductible that you have to pay out-of-pocket. If you don't think that you would need to see a doctor very often, this might be a good choice.
- Take a look at government-sponsored insurance- There are several programs designed to help low-income families afford the cost of health insurance. If you think that you may qualify or want to get more information, you can find out more here.
Having health coverage can be expensive, but one illness can make your financial situation much worse. It is hard enough to find a job when you are healthy, but getting sick and not being able to get care doesn't increase your chances of finding a job.
Are you looking for a job in the Manhattan area? Be sure to visit ManhattanJobs.
By Melissa Kennedy- Melissa is a 9 year blog veteran and a freelance writer, along with helping others find the job of their dreams, she enjoys computer geekery, raising a teenager, supporting her local library, writing about herself in the third person and working on her next novel.
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