Unemployment has been hanging around in the 9% range lately and is likely to get worse. But when your laid off and no longer have insurance benefits, what do you do? To have insurance or not to have insurance that is the question.
I am perfectly healthy. What's the big deal if I dropped my insurance through my employer because it costs too much?
If you dropped your insurance get it back right away. If you are unable to get your insurance back from your employer until your next open enrollment, look into getting your own policy. It doesn't matter how healthy you are right now. Tomorrow could bring a whole different story. All it takes is a sudden illness or terrible accident to tell that story. My motto has been lately: Hope for the best, expect the worst. One of the most common reasons for bankruptcy is unexpected medical bills that people could not afford to pay. Having health insurance is a great way to reduce your financial burden if you or any of your family falls ill or is injured. Having health insurance doesn't automatically protect you from bankruptcy. You can still end up in bankruptcy from high co-pays or costs that are not covered under your policy. At least with insurance you have some protection. Without it you have none.
I understand how expensive health insurance is. Employers have been passing more and more costs on to employees for coverage, which in turn means higher premiums, higher co-pays, or less coverage. This continues to happen because health insurance costs keep getting higher and higher at a fast rate and employers are having a hard time picking up the costs, and companies are under pressure to increase earnings or reduce losses. Having the employee pick up more of the tab helps the companies numbers.
Whatever the cost you need insurance. If your current plan is too expensive check into the less expensive options the next time your open enrollment comes around. You'll have to what until the fall since companies don't usually let you change your plan until open enrollment comes up. They usually only allow changes for life changing events such as marriage, divorce, or job change. Check with your human resources department to be sure. If you have already cancelled your insurance and cannot start up again until the next open enrollment check into short term coverage through a private plan until you are eligible to get back on your company plan.
Should I wait and see what choices I have after Washington passes the health care reform bill?
That would be a no. First off don't wait for Washington to save you. We don't know how long it will be to pass the bill. If it gets passed at all. You need health insurance coverage right now. You cannot afford to wait months or even years to get coverage. Also, it is highly likely their will be significant changes will go into effect immediately. The transition could take months before any of the changes kick in. In the meantime, you need coverage. You can always drop it if and when any reform takes place. Think about paying your premium monthly rather than annually. That way you will be able to drop your coverage when you need to.
A lot of people are saying not to count on health care reform. Here is what is wrong with the Health Care Reform Bill. Obama's health care care plan will be written by a committee whose head says he doesn't understand it, passed by a Congress that hasn't read it, signed by a President who smokes, funded by a treasury secretary who did not pay his taxes, overseen by a surgeon who is obese, and financed by a Country that is broke. What could possibly go wrong?
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