The need for personal, as well as family health insurance is growing with every passing day. This is mainly due to the fast rising costs of medical treatments. A good health insurance policy can help you save a lot of money required for medical procedures. Though the premiums for these policies can be affordable when a person has a decent and stable income source, they can be difficult to pay for, if one loses his/her job. However, there are other options that can be availed in that case.
Health Insurance Options for the Unemployed
It is possible for the unemployed to get health insurance through a law known as the COBRA (the Consolidated Omnibus Budget Reconciliation Act). Under this act, the person who is no longer in service can avail insurance benefits for himself as well as his family members on the group plan of his previous employer. However, in order to avail the benefits provided by this act, you need to satisfy certain terms and conditions.
You are eligible for this plan, only if you are unemployed for more than sixty days. All those employees, who chose to quit their services on their own are eligible for this insurance. It is said that even those who have been removed from the service due to some reason are also eligible to seek the benefits of this plan. However, if you were fired from your office due to serious reasons, such as proved misbehavior, then you will not be eligible for the above-mentioned benefits.
It is also extremely essential that you are officially enrolled in the health insurance plan of your previous employer to get the benefits under this act.
Apart from the ones described above, some good insurance plans have been floated by the federal government to help those who have lost their jobs due to the economic recession, to get adequate cover. There are schemes under which, around sixty percent of the monthly insurance amounts are taken care of, to help common citizens without jobs.
Medicaid health insurance plans can be useful for those who have very low net income. In order to qualify for these, your financial position will be scrutinized in a systematic manner. Individuals with high incomes or large amount of assets might not qualify for these insurance programs.
Since unemployed people are low on cash, they can opt for those insurance programs which have fewer treatment facilities but still cover the costs for frequent visits to doctors. The HIPAA (Health Insurance Portability and Accountability Act) has helped many unemployed individuals in getting suitable policies. You should contact knowledgeable people from the insurance industry to understand the terms and conditions to qualify for insurance through this act. The continuation coverage, offered by certain states, can also be useful to those who have lost their jobs.