Health Care

Health Insurance Strategies For The Unemployed

As if being unemployed wasn’t difficult enough for the millions who currently find themselves out of work, but when you add on top of that stressful situation the fact that as a result of a lack of a job or a job loss that many people lose their health insurance as well, the situation goes from stressful to a panic filled crisis. There simply isn’t a day that goes by that we don’t hear a story about another person being forced into bankruptcy or worse as a result of an unforeseen health situation that completely drains their bank accounts and forces people deep into a debilitating debt problem. For many people, after losing their jobs they are looking for the places in their budgets where they can cut some money here and there to maintain until they get a new job, new health insurance and ultimately get back on their feet. One place many people look to save money is by going without health insurance for the time being. Sadly, it is this decision that forces people into extremely difficult financial situations, despite the fact that the health insurance is generally intended to keep you from going into debt due to a health issue. It is truly what one would call a catch twenty-two.

Being unemployed can and will significantly hinder a person’s ability to maintain the lifestyle they are accustomed to. It may be expensive and it may seem strange, but biting the bullet and paying for health insurance despite your unemployment status is the smartest decision one can make. Access to essential, lifesaving healthcare typically requires both a job and a steady income. Obviously, being unemployed this simply isn’t feasible. That is the bad news, there is good news to be had as well though. The federal Government, and many private insurance companies have years of experience helping unemployed adults and families in general to find health insurance on a temporary status until you can get yourself on more solid financial and employment footing.

Two examples of how, despite being unemployed you can protect both yourself and your family is through, one, COBRA health provisions for the unemployed. Sadly however, this tends to be an unbelievably expensive commitment despite its benefits and is just not a legitimate option for many struggling people. Another option for you is a short-term health insurance plan, which although admittedly far less comprehensive, will offer you peace of mind that you will be protected in the case of a potential health emergency or catastrophe and remain financially solvent despite the health problems you may be facing. Furthermore, it is a far cheaper option than COBRA, sometimes only costing as much as a third of what COBRA would cost.

There are many benefits and drawbacks to both options and although you may be unemployed, it is quite simply, essential that you maintain some sort of health insurance coverage to protect you from an even further crushing financial and emotional situation than you already find yourself in today.


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Health Care