Many Americans have health insurance through an employer-sponsored plan. However, coverage can be lost due to unemployment, and finding health insurance when unemployed can be a difficult task. Listed below are a few coverage options for those who have recently lost a job or are out of work.
Using COBRA if you are Recently Unemployed
If you have recently lost your job that provided employer-sponsored Health Insurance in Ocean City MD, you may be able to keep your coverage for a short time through the federal COBRA law. This law provides protections for those with pre-existing conditions that can prevent them from getting new coverage.
If you or a family member are pregnant, have a pre-existing condition, or you’ve already been turned down for private health coverage, consider using COBRA. However, if you and your family are comparatively healthy, you may be able to buy an equivalent family and individual health coverage plan for less than the COBRA coverage would cost.
Buying an Individual Insurance Policy
COBRA coverage can be very expensive because you must pay the entire premium each month, where your employer previously paid half. You may also have to pay an administrative fee of roughly 2% of the policy’s value. If you keep your COBRA coverage for longer than 18 months because of a disability, you may have to pay up to 150% of the regular premium each month. Buying a private individual or family health coverage plan may be much less expensive than using COBRA coverage.
Dealing with Pre-Existing Conditions if You’re Unemployed
If you have lost your job and you cannot get COBRA coverage or a private health plan, you may be able to get Health Insurance in Ocean City, MD through a state-sponsored plan. Many states operate high-risk health insurance pools, which are similar in structure to coverage offered by comprehensive individual health plans.
If you are not sure whether you can get coverage by yourself, talk with a licensed health insurance agent at Atlantic Smith Cropper and Deeley for advice specific to your case. Agents can help you find a plan that meets your needs, and they can direct you toward a government-sponsored plan if needed.