Being unemployed can be scary. There are a lot of choices that you need to make in a short period of time using very little financial resources. Unfortunately, other than unemployment insurance, there is very little help available from the government.
One of the first choices you will need to make when you initially become unemployed is to decide whether or not you will continue your health insurance through COBRA. The Consolidated Omnibus Budget Reconciliation Act of 1985 is a law passed by Congress that requires your employer to continue health coverage. The only problem with the law is that it allows your employer to double or triple the monthly premiums. This is the fundamental reason why the vast majority of unemployed Americans elect not to receive their COBRA benefits. Therefore, you and your dependents are on your own for finding more affordable health coverage.
It is much easier to find affordable health insurance today than it was in 1985. There are virtually hundreds of health plans from a variety of health insurance providers. There are also online websites that will provide you with free online health insurance quotes to make it easy for you to shop for health insurance. When shopping for health insurance you will need to balance your deductible with the amount of insurance you are able to afford. If you have a small budget and are generally healthy then you can increase your deductible to lower your monthly premium. However, if you have a chronic illness and require a prescription medicine program, then you will need to adjust your budget accordingly. Generally speaking, the higher the deductible, the lower your monthly premium will be. Just keep in mind that you will keep paying your medical bills from your own pocket until the annual deductible limit is reached.
You can also consider supplementing your health insurance with your car insurance and an accident insurance plan. Most auto insurance companies provide a medical benefits plan for a small fee that is added to your policy. This will cover your medical costs if you are injured in a car accident without having to worry about the deductible on your health insurance policy. You can also buy an accident insurance policy for a small monthly premium that provides coverage if you become injured as a result of a covered accident.
Whichever medical plan you choose, be sure to read the fine print to understand the benefits, limitations and exclusions of the insurance policy. The bottom line is that there are plenty of choices available so there is no reason to walk around and expose your risk because you do not have health insurance. There is nothing worse than coming down with an illness when you are unemployed without health insurance. Don't let that happen to you.
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