Well, we have said that it would get worse before it gets better. The Labor Department's report on unemployment claims shows that the jobless rate rose to 9.7 percent, up from 9.4 percent in July. Obama economic advisor Christina Romer said last week that unemployment can reach 10 percent this year and many private economists believe that it may hit 10.3 percent by next summer before things get better. So if you end up losing your job what can you do about insurance?
Where Can I Find Affordable Health Insurance?
The largest online resource for finding health insurance is Ehealthinsurance.com. If you would rather not do it online and you prefer to work with an actual agent, the National Association of Health Underwriters (nahu.org) has online search tools to help you find agents who help consumers find individual health insurance policies. Remember as you review your options that the group plan that you had with your old employer probably included a full menu and a wide range of coverage. Including mental health and maternity benefits, prescription drug coverage, etc that you may not need at the moment. Search for a policy that gives you the coverage you need to help keep the cost of your premium down as much as possible.
What If I Get Laid Off and I can't afford COBRA?
Like we discussed above shop around for cheaper insurance. But whatever you do not go without health insurance. If you think you can't afford insurance now just wait until something serious happens and you really need it. You cannot be without insurance. What if you or someone in your family becomes ill or is an accident? Ehealthinsurance.com has a Web site for people who have been laid off. There's even a calculator to help you decide which alternatives to COBRA might cost.
Should I Keep My Health Insurance From My Old Employer or Find a Private Plan?
Most of the time a private plan will be less expensive than sticking with your company plan. Any employer with 20 or more employees that provides health insurance is required by federal COBRA regulation to allow employees who are laid off to stay on the company's plan for 18 months after being laid off. There is a catch to this though. You are responsible for 100 percent of the cost, plus an additional 2 percent to cover administration costs. Keep in mind this is not just the 100 percent of your normal premium you had as an employee. This is a 100 percent of total costs, including what your employer used to pay on your behalf. It will for sure be much more expensive than what you were paying as an employee.
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