Health Insurance Articles

Getting Health Insurance After Losing Your Job

2010-01-29

As the price of health care continues to rise, health insurance coverage is something that most Americans need in order to offset these exorbitant costs. However, because health insurance coverage is often dependent on employment, workers who have been laid off will need to learn how to find a health insurance policy on their own. If you're included amongst the many recent layoffs that have occurred as a result of the economy, you do have several options.

First, you should check with your spouse. Health insurance is almost always cheaper when it is subsidized by an employer. See if you can add yourself and your children, if applicable, to your spouse's health insurance policy. If you're under age 23, there's also the chance that you can be added to a parent's policy. If you do decide to get health insurance coverage through a spouse or a parent, save what you can in case your spouse looses his or her job. This way, you will soften the blow of using COBRA or finding individual health insurance. If you get a job while on a spouse's health insurance coverage, compare the rates for both new policies and choose the one with the best options and is the most affordable

If you're not married, or your spouse doesn't work or works at a company that does not provide insurance, you can take advantage of your former employer's COBRA package. Although COBRA rates can be expensive, the government-mandated continuation of your former health insurance is better than nothing. If you can't get COBRA, you can always purchase an individual health insurance policy. While this is also an expensive option, you may have additional resources if you are unemployed. Check with your state to see what public health coverage is available. In some states, you can get insurance that costs a portion of your income. In some cases, you could be eligible for Medicaid.

If you've lost your job, getting health insurance coverage isn't as easy as it was before, but that doesn't mean it is impossible. If you were getting health insurance through your employer, it is likely that you can continue to get coverage once you have lost your job, but you will probably just pay a higher rate. Of course, as with any insurance package, you have some control over what kind of rate you pay. Choosing coverage that pays only for catastrophic health problems, for instance, is one way to lower your health insurance payments, though you will pay more for routine visits and medications. Foregoing the dental and optical insurance is another way to keep your costs low while still keeping coverage for drastic medical problems.