By Bethany North
COBRA is a popular option for temporary health coverage at group rates. However, many individuals in the workforce today run into problems because it is only available under specific circumstances. Often times, this COBRA coverage can be more expensive than health coverage through your employer, especially if your employer is paying a portion of the premium. However, COBRA is generally less expensive than paying for your own individual health coverage.
What many workers are facing in the job force today is standing at a crossroads when their COBRA runs out. If that sounds like you, there are a few options available to you to find continual health coverage at an affordable price.
- Start out by keeping your COBRA until you have other health coverage readily available to you. It’s not a good idea to have a lapse in your coverage because that could cause potential problems.
- From there, look to your state for insurance programs that are income based. If you cannot afford individual health care, then this may be the best option available to you. Medicaid is a great choice if you have children and are below a certain income bracket. If you are also currently unemployed, then this could be your best choice for health care.
- Consider individual insurance. There are many different options in individual insurance after COBRA runs out, but it is important to comparison shop to make sure that you are getting the very best deal possible. Examine all of the packages that are offered to you closely to determine what the deductibles, co-pays, and total cost may be. You don’t want to sign up for anything with hidden charges, causing you to pay more in the long run.
- Work with a licensed insurance agent. This is someone who will know the market well, and they will also be able to answer all of your health care questions for you. Often times, they can work with you directly based on your income to make sure that your needs are met in the plan that you select.
