Health Care

Losing Employer Based Health Insurance

It is an unfortunate fact of the current state of our economy but millions find themselves out of jobs, with thousands of people losing their jobs daily along with company paid for health insurance coverage. For many people who suddenly find themselves unemployed, losing your health insurance is perhaps the most difficult aspect of all when it comes to losing your job. Those who have experienced this know firsthand the daunting and arduous task of finding affordable and sufficient medical coverage. For those in this situation, here are a number of healthcare options which could benefit you and your family if you are or have recently become, unemployed.

  • Health Coverage Tax Credit (HCTC)

It is a relatively unknown provision but the Health Coverage Tax Credit pays for up to eighty percent of the health insurance premium for individuals or families. However, according to federal laws, the requirements to qualify for such assistance you have to be either:

  1. Trade Adjustment Assistance (TAA) recipient as well as Reemployment TAA who receives a Trade Readjustment Allowance (TRA) or unemployment insurance
  2. Pension Benefit Guaranty Corporation payee who is fifty five years old or older
  • Low Cost Check-Ups

For many the sheer cost of health insurance coverage is simply too much to bear and just can’t be fit into their budget. The federal government does what they can to assist people in these situations by offering the citizens of the country federally-funded health centers nationwide where people can get themselves and their families check-ups, dental care, prescriptions, immunizations and other health services for a heavily discounted price. To get information regarding these federal health centers in your local neighborhood check out the United States Department of Health and Human Services website at www.hhs.gov

  • Individual Insurance Plans

If you are an individual just looking to get yourself temporary coverage as opposed to an entire family, you can and should search online for individual health coverage options. Be prepared however, the deductibles tend to run a bit higher than you might be used to but additionally they should have lower overall premiums. Generally speaking, most of all of the major health insurance companies should/will offer different level options of individual health care insurance.

  • Discount Medical Plans

Don’t be deceived by the word “discount” to mean that you will be receiving substandard care. There are an exceptional number of options so it is essential that you do your due-diligence and not rush into signing up for a medical plan that doesn’t make sense specifically for what you need.

  • COBRA Health Insurance

Many may not be eligible for this program, but if so it is likely your best option until you get another employment opportunity. Due to recent federal legislation, employer-provided subsidy was established for workers who lost their jobs involuntarily. What this legislation has established is people may qualify for as much as a sixty five percent subsidy for themselves and their families for up to fifteen months. In order to qualify, you must have lost your job between the dates of September 1st, 2008 through March 31st, 2010.

 


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Health Care