Most Unemployed Workers Are In Need Of Health Insurance

      Getting laid-off is often an overwhelming experience.  There are a lot of difficult decisions that need to be made in a very brief amount of time utilizing little financial options being offered.  Sorry to say, besides a modest unemployment insurance, there is little to no assistance obtainable by the government. 

The most important decisions that will need to be completed as soon as you initially end up being laid off is to resolve if you will continue your medical policy with COBRA.  The Consolidated Omnibus Budget Reconciliation Act of 1985 is a law enacted in Congress that obliges companies to maintain medical coverage.  The only problem with this law is that it enables your employer to substantially increase the monthly premium.  Presumably, this is the main fact that ninety percent of out of work Americans elect not to receive their COBRA benefits.  Subsequently, you and your dependents are on your own for searching for more economical medical benefits.

You will find that it is a great deal faster and easier to seek out inexpensive medical insurance these days than it was 25 years ago.  There are practically tons of medical options by a multitude of insurance carriers.  Additionally, there are Internet websites that can provide you with free online insurance quotes to compare prices which makes it easy for you to purchase medical coverage.  When searching for benefits you will want to evaluate your deductible with the amount of insurance you are able to spend.  If you're budget is modest and are typically in good shape then you might raise your deductible in order to lower your monthly cost.  But, if you become ill quite easily and require a prescription medication program, then you will need to modify your finances accordingly.  Usually, the bigger your deductible, the lesser the monthly premium is.  Be aware that insurance doesn't pay the claims until the annual deductible limit is reached.

People can also consider supplementing health benefits with their auto insurance or an accident insurance policy.  Many car insurance vendors provides medical coverage for a nominal charge that you can add to your auto policy.  This will cover any medical costs if you become wounded in a car accident without having to be concerned with the deductible on your health insurance policy.  You can also consider buying an accident insurance policy for a low monthly cost that provides coverage if you become harmed resulting from a covered accident.

Whichever health option you decide upon, be careful to examine the small print to have an understanding of the benefits, limitations and exclusions of the health plan.  The conclusion is that there are a number of choices available so there is no reason to walk around and take a chance because you do not have medical coverage.  There is nothing worse than coming down with an illness when you are unemployed without health insurance.