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Wednesday, March 4, 2009
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.
COBRA insurance typically has a big price tag. Once the employer takes away their contribution and add admin fees the premium could double. Many people find this price tag hard to handle.
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.
Health is one of the factors to consider when looking into COBRA alternatives. But there are a few more things to consider. Here are just a few:
1. What if you only purchase 6 months and then you find yourself needing longer. You will either be srambling around for more or you will have to reapply for the same one. This may not be something you care to deal with.
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.
COBRA insurance typically has a big price tag. Once the employer takes away their contribution and add admin fees the premium could double. Many people find this price tag hard to handle.
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.
Health is one of the factors to consider when looking into COBRA alternatives. But there are a few more things to consider. Here are just a few:
1. What if you only purchase 6 months and then you find yourself needing longer. You will either be srambling around for more or you will have to reapply for the same one. This may not be something you care to deal with.
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:
If you are need of temporary health insurance or need to know more about your choices call Broker Jeff Cline. He is an expert at COBRA alternatives. If 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 Credit Counseling at
5:17 PM
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