Health Insurance Quote Woes When Redundant
Each day that passes we feel the recession more. We see more friends being laid off and even more being short-listed for "voluntary retrenchment". Research by the government has indicated that some 2 million workers have already lost their jobs in the light of the previous credit crunch and the recession fall-out. The government estimates that another 4 million workers will lose their jobs before the economy makes a turn for the better. In view of these terrible stats, it's only normal for people to get anxious about their future.
The main things that people worry about when it comes to this recession is the loss of income and also the loss of health coverage provided by the employer. For most people their job represents the only income stream that they have and the health coverage provided by the employer is also the only health insurance coverage that they have. The unfortunate thing is most employees have their uncertainties unfounded. To have your health insurance benefits yanked out under you is certain impossibility in this day and age.
There is a legislation called the COBRA law which for all intents and purposes was a law that was passed to ensure that employees would not go without their health coverage even if they were fired or retrenched. COBRA stands for Consolidated Omnibus Budget Reconciliation Act. The law states that assuming you are employed full-time by your employer and are back by employment papers that any health insurance coverage that you had when you were employed can be brought over to a private contract that you can continue paying for.
For most people, this would seem like a very good thing. After all, if you are laid off this will grant you a bit more time to go search around for new jobs and spare you from the worry of the health insurance needs of your family right? On the surface it seems like a good thing, this however normally dissipates when you realize the amount of money that you have to pay just to keep this COBRA enabled health insurance going. In almost all cases, the COBRA enabled health insurance is always more expensive than a similar health insurance quote provided by an outside provider. It is not uncommon to hear that ex employees have to pay up to 2-3 times what they are used to just to maintain their current health insurance policy coverage.
With the inflated costs of COBRA enabled health insurance, it is not a matter if you want to get another health insurance quote but most times it is actually a necessity for long get survival. There are however an extra ordinary number of people that simply choose to persist with their COBRA enabled health insurance as if they were afraid that if they got a quote from another health insurance provider that their current policy will expire or something. It is vitally important to realize that you have absolutely free choice when it comes to which health insurance you want to use. It is your responsibility to find one that is affordable yet offers the right coverage for you.
There is no harm in getting another health insurance quote from another provider. There is no point in you accepting coverage that is simply too expensive for you. You must take the effort to drill down your health policy to each coverage item and see the actual costs of that coverage in comparison to the one that you receive from your new quote. You have to compare apples with apples in order to get the real determination of which coverage better suits your needs.
Job related health insurance is generally always a very comprehensive health insurance policy. This is because of the many employees that they have and the one policy has to cover the needs of most of their employees together. It can't be customized for the individual person or family. It is because of this that you must pick apart your COBRA enabled health insurance if you are intent on keeping it. There will be many coverage items that don't apply to you and can be taken off the policy. A good example of this would be how a 55 year old woman would more than likely not need any coverage that centers on pregnancy or how a healthy 23 year old man would not need disability coverage.
Overall, we suggest that there isn't much point in stressing over health insurance if you think that there might be a possibility that you'd be laid-off. Ultimately there are laws in place that will effectively guarantee that you will still be covered with health insurance. The problem will be the lack of income and also the cost of the health insurance. It is at this stage that shopping around for health insurance quotes become very vital. You must find that health insurance policy that provides the best coverage at the best prices. - 23211
The main things that people worry about when it comes to this recession is the loss of income and also the loss of health coverage provided by the employer. For most people their job represents the only income stream that they have and the health coverage provided by the employer is also the only health insurance coverage that they have. The unfortunate thing is most employees have their uncertainties unfounded. To have your health insurance benefits yanked out under you is certain impossibility in this day and age.
There is a legislation called the COBRA law which for all intents and purposes was a law that was passed to ensure that employees would not go without their health coverage even if they were fired or retrenched. COBRA stands for Consolidated Omnibus Budget Reconciliation Act. The law states that assuming you are employed full-time by your employer and are back by employment papers that any health insurance coverage that you had when you were employed can be brought over to a private contract that you can continue paying for.
For most people, this would seem like a very good thing. After all, if you are laid off this will grant you a bit more time to go search around for new jobs and spare you from the worry of the health insurance needs of your family right? On the surface it seems like a good thing, this however normally dissipates when you realize the amount of money that you have to pay just to keep this COBRA enabled health insurance going. In almost all cases, the COBRA enabled health insurance is always more expensive than a similar health insurance quote provided by an outside provider. It is not uncommon to hear that ex employees have to pay up to 2-3 times what they are used to just to maintain their current health insurance policy coverage.
With the inflated costs of COBRA enabled health insurance, it is not a matter if you want to get another health insurance quote but most times it is actually a necessity for long get survival. There are however an extra ordinary number of people that simply choose to persist with their COBRA enabled health insurance as if they were afraid that if they got a quote from another health insurance provider that their current policy will expire or something. It is vitally important to realize that you have absolutely free choice when it comes to which health insurance you want to use. It is your responsibility to find one that is affordable yet offers the right coverage for you.
There is no harm in getting another health insurance quote from another provider. There is no point in you accepting coverage that is simply too expensive for you. You must take the effort to drill down your health policy to each coverage item and see the actual costs of that coverage in comparison to the one that you receive from your new quote. You have to compare apples with apples in order to get the real determination of which coverage better suits your needs.
Job related health insurance is generally always a very comprehensive health insurance policy. This is because of the many employees that they have and the one policy has to cover the needs of most of their employees together. It can't be customized for the individual person or family. It is because of this that you must pick apart your COBRA enabled health insurance if you are intent on keeping it. There will be many coverage items that don't apply to you and can be taken off the policy. A good example of this would be how a 55 year old woman would more than likely not need any coverage that centers on pregnancy or how a healthy 23 year old man would not need disability coverage.
Overall, we suggest that there isn't much point in stressing over health insurance if you think that there might be a possibility that you'd be laid-off. Ultimately there are laws in place that will effectively guarantee that you will still be covered with health insurance. The problem will be the lack of income and also the cost of the health insurance. It is at this stage that shopping around for health insurance quotes become very vital. You must find that health insurance policy that provides the best coverage at the best prices. - 23211
About the Author:
A look at the health insurance industry at http://www.health-insurance.be. We provide insider information of products, tips and tricks that you can use to get great coverage at modest costs.
posted by X - Men @ 4:22 AM
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