Things you should know about COBRA and health insurance for the unemployed.

Losing a job entails a lot of sacrifice. You not only lose your income, you also lose your affordable health care plans. Many people suggest relying on COBRA (Consolidated Omnibus Budget Reconciliation Act) to extend existing coverage. COBRA is an effective way to continue affordable health care plans in cases such as the death of a spouse, divorce and even unemployment. It is a very tempting option to be able to avail of health insurance for the unemployed through COBRA. But it can be very expensive, so itís best to weigh your needs before applying for COBRA. Read on to know more about this Act and if it is for you.

Online PR News – 01-March-2010 – – Losing a job entails a lot of sacrifice. You not only lose your income, you also lose your affordable health care plans. Many people suggest relying on COBRA (Consolidated Omnibus Budget Reconciliation Act) to extend existing coverage. COBRA is an effective way to continue affordable health care plans in cases such as the death of a spouse, divorce and even unemployment. It is a very tempting option to be able to avail of health insurance for the unemployed through COBRA. But it can be very expensive, so itís best to weigh your needs before applying for COBRA. Read on to know more about this Act and if it is for you.

* You are given 60 days to decide whether to use COBRA or not. This grace period starts at the day you lose your health care coverage. Remember that if you do not decide when the 60 days are up, COBRA wonít be offered to you again. Itís important, therefore, to weigh your options carefully during that grace period so you can make a wise and informed decision.

* Law dictates that your employer should tell you about COBRA before you leave the company. This is usually done during your last interview or your ďexitĒ interview. Take this opportunity to ask the HR head everything you want to know about COBRA. Itís best that you know all you can about COBRA before your last day in your company. This will give you the perfect tools to help you decide whether to use COBRA or to look for other health insurance for the unemployed.

* COBRA can be costly. Most people complain that using COBRA is even more expensive than their original affordable health care plans. But keep in mind that an individual health plan may cost even more. Besides, you shouldnít put a price tag on health. Paying a little more seems like a good deal in exchange for peace of mind. You also pay for the assurance that you can get medical help if you need it, without worrying about the bills.

* The coverage from COBRA lasts 18 months. This can give you enough time to look for a new job or find affordable health insurance for the unemployed. Other members of your family can get up to 36 months of coverage, if COBRA is used after a death, legal separation or divorce. You also only get coverage in the area where you were employed. For example, if you used to work in LA but decide to move to New York, you can only be covered in hospitals and doctors in LA.

* If your former employer suddenly goes bankrupt, he can cancel your COBRA coverage. This can also happen if your former employer suddenly drops group health insurance. COBRA cannot help you in these cases, since there is no affordable health plans to continue at all. In this event, itís advisable to look for other health insurance for the unemployed.

The government has made healthcare and health plans easier and more practical for people, through COBRA. Itís wise, therefore, to see if you can benefit by paying for COBRA premiums before looking for other affordable health plans. COBRA can give you the time and coverage you need before you find that new job.

Do you want to learn more about COBRA and other health insurance for the unemployed? We can give you the most affordable health insurance quotes available today.

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