But don't get bitten ...If you wish to continue your group coverage
under COBRA, you must notify your employer within 60 days. You must
also pay the entire premium yourself. This may hurt a little, but
not nearly as much as the medical bills you would have to pay if
you had no coverage!
What if COBRA doesn't apply to you?
Some states mandate COBRA-like continued coverage in companies
of fewer than 20 employees. If you work for an employer with fewer
than 20 employees, you may be able to convert your group policy to
individual coverage. You might also be eligible for guaranteed-issue
coverage in the individual health insurance market. The advantage
of these options is that you may not have to pass a medical exam.
Compare your options for the best price and benefits.
What if you can't afford individual coverage?
- Ask yourself three questions:·
- Are you healthy?· Are
you not yet eligible for Medicare?
- Do you
plan to take another job soon?
Answer yes to all of the above, and the solution may be a "short-term" or "interim" policy.
Typically, short-term policies are written for two to six months
and are renewable only once. They cover hospitalization, emergency
and intensive care, as well as necessary expenses for related services
performed outside the hospital -- like X-rays and lab tests.
Want some helpful tips on choosing a health plan? Take a look at
these ... >> click here |
