Well, life happens. You are employed today, and you lose that prestigious job after a few months. Alternatively, you’re now self-employed or in a new career, and you now don’t have the health insurance you used to enjoy. While the best alternative your employer will give is Cobra, it is, without a doubt, and in most cases, very costly. You’re now left to seek an alternative. Here are the Cobra insurance alternatives to save you money.
Go for short-term insurance. The alternative suits you when you believe the unemployed state you’re at is temporary, and the charges of Cobra are beyond what you feel you need to pay. It is a less expensive and quick alternative in the insurance marketplace because you’ll pay less exaggerated premiums.
Try out long term health insurance. Keeping in mind that you just lost your main income source, enrolling for a long term choice will benefit you fully. However, the alternative works best when you’re sure that you’ll remain unemployed or self-employed for long. Instances when you don’t have health insurance in the new job also allows for this option.
If you’re married, another alternative that will save you money is enrolling in your spouse plan. The move only works when your spouse coverage plan in the institution they work allows for the addition of a spouse or kids; of course, most institutions welcome such options. The challenge here is that most often, the benefits might not be great, like your original plan.
Try health sharing plans. The Affordable Care Act allows for sharing plans, and if you’re a member, you don’t risk being penalized for being uninsured. In sharing, members enjoy the benefits of a shared pool of contributions. These plans will not require you to pay much. That means that you’ll also not enjoy a lot of privileges.
Another interesting option is to combine various policies. It might seem expensive, but that not the reality on the ground. Once you get the Cobra notice, decide whether you’ll have to leave a few family members on the plan, or you just go ahead and have many options that are financially friendly to every family member.
Many people live a bill away to poverty. With the high cost of medical services in today’s healthcare, it doesn’t make any sense to stay without health cover insurance. The good thing is that even though paying for hefty premiums is a challenge, there are many Cobra insurance alternatives out there to consider.