The Recession

7 Ways to Keep Health Coverage if You Lose Your Job

0

Laid off? Don't panic. The following summarizes a new list of
suggestions on how to maintain health coverage from the National Center
for Policy Analysis.

According to Devon Herrick, a health
economist and senior fellow with the NCPA, there are seven options you
should consider as soon as possible after getting pink-slipped:

-- Use
it before you lose it -- one of the first things you should do after
getting laid off is ask the company human resources person exactly when
your employer-paid coverage expires.

-- Stay in your employer plan
by paying the (COBRA) premium -- be aware that you must accept and sign
up for COBRA within 60 days or lose that option completely

-- Apply
for the federal (COBRA) subsidy -- under the new stimulus bill, you may
qualify for a 65 percent subsidy of COBRA costs for that first nine
months.

-- Choose a cheaper former employer plan -- ask your
former HR representative if the company offers a lower cost insurance
plan that would cost you less under COBRA.

Also:

-- Join
a spouse's or parent's health plan -- however, you need to act quickly
because federal law requires that you sign up within 30 days from the
date of a job loss.

-- Shop around for inexpensive coverage --
there may be cheaper and better alternatives to COBRA, especially if
you have no severe health problems.

-- If uninsurable (because of
pre-existing conditions) you may still be able to obtain insurance --
35 states have high-risk pools to insure those who are turned down by
commercial insurers.

Ask questions and don't procrastinate
past your 62-day window.  Even high-deductible, catastrophic coverage
may prevent years of financial medical debts, explains Herrick.

Source:
Devon Herrick, "7 Ways to Keep Your Health Care If You Lose Your Job,"
National Center for Policy Analysis, March 16, 2009.

For text: http://www.ncpa.org/pdfs/Seven_Ways_Job_3-16-09-FINAL-A.pdf

For more on Health Issues: http://www.ncpa.org/sub/dpd/?Article_Category=16

POST YOUR COMMENTS BELOW

0

Latest Videos

  • 10 Facts About Donald Trump

  • Donald Trump Blasts Hillary Clinton Over Email Scandal

  • Governors Sign Executive Orders To Arm National Guardsmen After Shooting In Tennessee

  • Charleston Shooter Indicted For Murder, Firearms Violations & Hate Crimes