Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Couple deals with health insurance after losing jobIf you lose your job, your health insurance is greatly impacted. You do not completely lose your health insurance the minute you lose your job. You have a choice.

To obtain online insurance rates on private health insurance enter your zip code now!

Thanks to a government act, you are only eligible to continue carrying your group health insurance for a limited period of time at a non-employer-subsidized rate.

You pay both the employee and employer rate. Because of the time limit and the high cost, you will need to look into finding another job with health insurance or find an alternate source for health insurance as soon as possible.

COBRA Health Insurance

COBRA (Consolidated Omnibus Budget Reconciliation Act) health insurance coverage is the government mandated option that allows you to continue your group health insurance coverage for a period that is typically no longer than 18 months following the termination of your employment.

During that period, you remain on the company plan, but must pay not only your own premiums but also the employer portion of the premiums, up to a maximum of 102%.

While COBRA is the easy choice, COBRA health insurance is not always the best type of coverage for everyone. It tends to be rather costly for many people. However, if you happen to have pre-existing conditions, COBRA is likely to be the best thing for you. Many people with pre-existing conditions find that they are ineligible for individual health insurance plans or that such plans are too expensive.

If you think COBRA health insurance is for you, act quickly to avoid missing the deadline. You have a limited amount of time to apply following termination of your job. While COBRA is the required plan for larger companies, many states also have mini-COBRA for smaller companies. Be sure to know your rights.

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Individual and Family Health Insurance

An alternative to remaining on your former employer’s health insurance plan through COBRA is to seek your own individual or family health insurance plan. There are more options than ever available in the marketplace for those looking for health insurance policies that are outside group coverage.

This is a particularly good option for those who are in good health, as they will likely meet the underwriting guidelines of the insurers offering such policies and may even qualify for discounts on coverage.

Individual health insurance plans also give a greater degree of choice to the insured. There are a variety of different types of plans available including HMOs, PPOs, POS plans and others.

By opting for individual insurance, you can choose the one that best fits your needs and priorities when it comes to health care. In addition you can further tailor the plan you choose with higher or lower out-of-pocket maximums, coverage limits, co-payments and coinsurance rates. This will allow you to tailor the rates to your budget also.

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Shopping for Individual and Family Health Insurance

When it comes to shopping for health insurance to meet your needs there are many things to consider. If you are used to having group insurance coverage, you have probably never paid close attention to the different choices available in the world of health insurance. Therefore, the first thing you should do is to learn about the different options that are available so that you can figure out which one would be a good fit for you and your family.

Next, it is important to shop around carefully for different quotes for health insurance. You can quickly and easily do so by using a free online insurance quote tool. You simply input your zip code to start and you will then be asked a series of questions about you and other members of your household. This information is then submitted to health insurance companies which offer coverage in your area. In no time you will start to receive various quotes that you can compare and contrast.

You will find that there is a variation in the prices offered by different companies. This may be because you are eligible for discounts and better rates from certain companies but not from others. Alternatively, it may be because of differences in the policies that you are being quoted. Each company has policies that are slightly different from one another. Therefore you need to compare the details of policies before making a decision.

It is important to make sure you are continually covered by health insurance. Take the time to shop around using an online health insurance quote tool to facilitate the process for you now.