COBRA insurance alternatives
Carmen does not know how long she may be without insurance. She is aware what kind of financial burden she could insure if she goes without. But, after loseing her job as a sales person she is forced to look at all the options she has open to her.
Carmen knows she has the COBRA insurance option. She also knows how expensive it can be. COBRA mandates that an employee can keep their health insurance for up to 18 months if they become unemployed for any reason.
In addition to your employer adding administrative fees to your premium, the COBRA premium is also someimes doubled. Why is this you ask? Well, the reason being is that the no longer make a contribution. So you are paying the total premium plus admin fees.
Before opting out of COBRA you should loo at your health. Carmen has high blood pressure and has to take 2 medicatins. She is also expected to make regular visits to her doctor. Her husband however is very healthy!
Most temporary medical plans will not cover pre existing conditions. For this reason Carmen should try to keep her COBRA insurance. But, there is no reason she shouldnt look for something more affordable for her husband.
There are a few factors to consider besides health. Although health is a very important one. Here are a few things to consider as well:
1. Temporary helath insurance is just that....temporary. So if you purchase 6 months and then find you need it 12 months you may be trying to find more coverage at the last minute. So you should consider this.
2. Due to the pre exisitng exclusions it temporary health insurance may not be the best option. You also have to think about if you opt for temporary insurance and then you find yourself needing more time. If you have contracted an illness in the original term, it will not be covered in the new term.
3. Temporary health insurance will not cover things like office visits. You will have to pay for that out of opocket due to the high deductible you have to meet. This insurance can keep you out of financial debt incase something really costly happens however.
Carmen knows she has the COBRA insurance option. She also knows how expensive it can be. COBRA mandates that an employee can keep their health insurance for up to 18 months if they become unemployed for any reason.
In addition to your employer adding administrative fees to your premium, the COBRA premium is also someimes doubled. Why is this you ask? Well, the reason being is that the no longer make a contribution. So you are paying the total premium plus admin fees.
Before opting out of COBRA you should loo at your health. Carmen has high blood pressure and has to take 2 medicatins. She is also expected to make regular visits to her doctor. Her husband however is very healthy!
Most temporary medical plans will not cover pre existing conditions. For this reason Carmen should try to keep her COBRA insurance. But, there is no reason she shouldnt look for something more affordable for her husband.
There are a few factors to consider besides health. Although health is a very important one. Here are a few things to consider as well:
1. Temporary helath insurance is just that....temporary. So if you purchase 6 months and then find you need it 12 months you may be trying to find more coverage at the last minute. So you should consider this.
2. Due to the pre exisitng exclusions it temporary health insurance may not be the best option. You also have to think about if you opt for temporary insurance and then you find yourself needing more time. If you have contracted an illness in the original term, it will not be covered in the new term.
3. Temporary health insurance will not cover things like office visits. You will have to pay for that out of opocket due to the high deductible you have to meet. This insurance can keep you out of financial debt incase something really costly happens however.
About the Author:
Are you are need of temporary health insurance or need to know more about your choices contact Agent Jeff Cline. He is an expert at COBRA alternatives. Are you decide you would like permanent individual health insurance he can help you with that also. He can be contacted anytime at his toll free number 866.526.9669.
posted by Debt Consolidation Loan at
12:32 PM
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