Does it really matter what side of the comprehensive health care debate that you are on? If you have recently lost your group health insurance plan and can’t find an affordable individual health plan in the private marketplace, you might be a little worried in how to pay current medical bills. Making the decision to accept a high COBRA premium from your employer or pursuing a private health insurance policy that may exclude pre-existing conditions it a tough call to make.
If you are offered coverage though your spouse’s group health insurance program then it shouldn’t be difficult to make a transition. It does in fact become a little more complex when that coverage isn’t available to your family. Are you going to take the employer sponsored continuation through COBRA? Or are you going to go to the private marketplace to purchase a new individual health insurance plan? There are a wide array of private plans offered throughout the United States that will offer coverage for major medical items such as deductibles, co-insurance, and co-pays. Be sure that you check with your health insurance broker to see what individual plan fits for your situation.
Morgan Moran, a health insurance broker recently said, “We are finding that many individuals that have the option for COBRA are still coming to our Web portal to get individual health insurance quotes, “The broker said, “In many cases we have found that even with the American Reinvestment and Recovery Act of 2009 paying for 65% of their COBRA premiums, we can find them the coverage they need at a better premium.”
COBRA is defiantly a great option to consider now that the government will be footing a large portion of your bill. If you lose your health insurance because of a job loss, COBRA will allow you to keep the group health coverage for up to 18 months, with 9 out of those 18 months at a discounted rate of 65%. With the average family group health premium in the United States reaching nearly $1,000 per month, a $350 credit will help most, while many other families still can’t afford it. If you can’t afford your COBRA payment you can get health insurance quotes in the individual marketplace. Individual medical plans can be customized to your needs and budget.
Your group health insurance plan through your employer is a great benefit. Many individuals don’t realize the true cost of a group health plan. Most only know what the cost is for their insurance based on what comes out of their bi-weekly paycheck. The sticker shock for the full COBRA premium can be very discouraging for many. Group health insurance costs are much higher than individual insurance premiums. This is due to the fact that employer based insurance is guaranteed issue and usually has more state mandated coverage levels. If you are currently a fairly healthy person then private insurance is the way to go. If you have a great deal of medical history it might be beneficial for you to stay on a COBRA plan.
Health Insurance Broker Online (HIBO) is an online insurance group that recommends that anyone that has lost their job should compare the advantages and disadvantages between COBRA and an individual health insurance policy. Many Americans are being faced with this though decision daily. Losing your job is traumatic enough, but to understand what approach to take on the insurance front will be another added stress. Be sure to not allow your insurance coverage to lapse. Insurance carriers do not like when you do not keep continuous credible coverage. After your job loss, be sure to check with a health insurance consultant regarding your next steps. It is a must that you make a healthy and wise financial decision. For more information on COBRA versus individual health insurance quotes, please visit, http://www.healthinsurancebrokeronline.com/ , where you can shop rates, speak with an insurance consultant, or apply for medical insurance online.
