Going without health insurance is a bad thing, even if you do it only for a day. That’s the reason you should know your COBRA options even before you cease ties with your employer.

But wait! What is COBRA?

Believe it or not, it’s not the snake. It’s a piece of legislation that allows former employees, retired personnel, their spouses, their former spouses, or their dependent kids to continue enjoying health coverage at group rates temporarily. The operative word here is temporarily because COBRA carries several restrictions. Nevertheless, it remains an excellent option. Here are a few reasons why.

1. Cost. Insurance, health and finances are three things that get threatened when you lose your job. At least with COBRA, you can extend coverage from your former employer’s group health insurance plan for up to 18 months. Although you are to pay 102% of premiums, COBRA saves you dollars in healthcare costs while you find a less expensive provider or get another employer-sponsored coverage.
2. Pre-existing condition. COBRA effectively reduces or eliminates the time you risk a new insurer excluding a pre-existing health condition. This is a no-brainer. If you are already sick, no private insurer would touch you. Going without health insurance is the worst thing that can happen to someone who needs treatment and needs it badly.
3. Flexibility. When leaving an employer for one reason or another, your primary concern with respect to insurance coverage is cost. Insurance, health, and finances are tough issues to deal with minus a regular paycheck. COBRA allows you 105 days to pay the first premium but coverage begins from the day your group coverage ends. That leaves you with enough time to look for a job and a new, less expensive insurer without risking your wallet even more.

COBRA is intended to protect you and your family from sustaining more financial losses during a tough time. Take advantage of this federal law and never go without health insurance coverage.

On one of my most recent “searches” I found this great article and thought I better share it with you all.

Don’t forget to check out the info here on low cost insurance health.

It is natural for us to try to save when we can so that we can spend on what we want to. However, is it wise to try and save on health insurance by going for the low cost ones? Let us look further into the truth about low cost one.

Need:

The average cost of hospitalization and treatment has been escalating. In order to help you survive through the colossal medical bills shoved your way in times of emergencies, you need health insurance. Nevertheless, with the cost of basic necessities increasing at a more rapid pace than our salaries, it can be quite challenging to put aside money to invest in it. It is a fact that about 40 million people in America do not have one. While some choose not to take up health insurance simply because they do not understand the importance of it, most others do not have it because they cannot afford it.

Low Cost:

All is not lost and there is still hope. There are low cost health insurance policies in the market for people with tight budgets. With more low cost one providers entering the market every day, finding one that suits your needs and budget may not be impossible. However, you must be willing to do much research on the policies before settling on one.

Managed Care Health Insurance

Managed care health insurance is usually the preferred type of low cost health insurance. There are three kinds of managed care plans. They are Health Maintenance Organization (HMO), Preferred Provider Organization (PPO) and Point Of Service (POS). The common believe is that low cost one are a waste of money as they do not provide much cover at all. On the contrary, the low cost one such as HMO plans are not only cheap but they also provide quite a comprehensive cover. They even require minimal paperwork when making claims. POS plans even offer preventive care and well-being services such as discounts on health club memberships on top of being low cost health insurances. The main disadvantage of having a low cost is the fact that you cannot go to a doctor of your choice. The doctor you go to must belong to the network of your plan.

A Well-Informed Choice Of A Low Cost Health Insurance Is Beneficial To Those With Tight Budget

If your financial situation permits, it would always be better to go for a more comprehensive cover and one that allows you more control over the choice of your doctor. However, if you are one of those with limited financial resources, you do not have to fear low cost health insurance. They are beneficial and you can get good deals which are affordable and yet provide good cover. It is smarter to have a basic one than to have none at all. Having a cheap one can be a wise choice if it had been properly researched and selected based on your needs.

Written by: Uma A. Ilango

I hope you liked that information, I thought it was really great! Remember, don’t forget to check this out if you’d like to know more about low cost insurance health.

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Photo Credit: AMagill