Lost your Job? Buy your Own Health Insurance

Have you lost your job? If so, this is a huge hit to your finances and there is no denying that this will probably change the way you live. But remember one thing: this is not the end of the world. Yes, it will put you in a tough position but it does not mean that you have to totally revamp your life. If you lose your job you may lose your health insurance as well. In this case you have a few options. No matter what you choose to do, make sure the end result involves active coverage. The worst mistake you can make is deciding to live without health insurance because you don’t want to pay for it.

If you previously received group sponsored health insurance you can continue the same coverage through COBRA. You can continue with this for 18 months which should be long enough for you to get back on your feet, and hopefully find a new job that offers coverage. If this does not work for you, maybe because it costs too much, you can buy an individual policy. This type of coverage will probably be less expensive, but at the same time it will not offer as many benefits. You need to decide what is most important to you, better coverage or a lower price.

The unemployment rate in the United States is increasing, and this may continue to be the case for many more months to come. If you lose your job make sure you stay strong while also remembering to keep your health insurance coverage active. No matter what it takes from a money standpoint you need to make sure that you have a health insurance policy in place.