When you lose your job, you often also lose affordable healthcare as well. Taking advantage of the COBRA plan that your company offers is usually very expensive. Instead, many unemployed individuals decide to purchase a short term insurance plan that is typically cheaper.
It’s risky to be uninsured while you are unemployed. If you are sick or injured in an accident, any costs for medical treatment would have to be paid of pocket directly, which can lead to substantial debt that you can’t repay while unemployed.
A short term insurance plan is an excellent alternative to the high monthly cost of a COBRA plan. While a short term plan may not offer the comprehensive coverage that a COBRA plan does, it will cover emergency care, including hospital stays and medically necessary treatments.
Temporary coverage is included in short term insurance plans for those who don’t have medical insurance. If you get laid off or fired, you can become covered immediately after you sign up for a short term plan. Unlike traditional insurance plans, you typically don’t have to wait through a long approval process with short term plans.
When you are unemployed, every dollar makes a difference. By selecting a short term insurance plan instead of paying high monthly COBRA premiums, you can rest assured that you will be taken care of in the event of an unexpected illness or emergency. Having this peace of mind during an uncertain time is an important benefit of being insured.
Research the various short term health insurance options available for you once you have lost your job and filed for unemployment benefits. In order to find the best one for your needs, be sure to compare costs and coverage for several different plans.
Purchasing from a reputable short term insurance company is the best way to find the most value for your money. Research any potential companies online to learn more about what their short term plans offer. To make sure you are getting the coverage you need, ask any questions that you may have prior to purchasing a plan.
Worrying about how to pay for unexpected medical situations is too much stress to consider when you are also faced with losing your job. When you have purchased a short term health insurance plan, you can spend more time looking for work and save money along the way.
Dan Miller often writes about short term insurance.