Health insurance plans for individuals who are unemployed often need to be affordable, as many individuals who are out of work have seen a drastic reduction in their income even when they are collecting unemployment insurance. Yet, this begs the question of what options for the unemployed may be available that will bring affordable health insurance premium payments?
Understandably, individuals who have lost their jobs and are collecting unemployment insurance are often in a position where their finances must be met meticulously tracked due to the fact that they may be unemployed for the long-term and, in many instances, unemployment benefits have simply not been enough to keep these individuals afloat when excessive costs like health insurance is a factor. There are options for COBRA health insurance that some unemployed individuals have been able to use and it’s hoped that in the coming years when new healthcare laws come into place health insurance exchanges will make more affordable options available if consumers are in a difficult position and cannot find affordable coverage.
Yet, there are options that some consumers may be able to take advantage of even when they are unemployed as there is a variety of individual health insurance plans that may be beneficial for consumers and offer affordability on health insurance. Yet, when it comes to health insurance plans, factors like the insurance provider, a consumer’s state, and financial position will offer factor into what options may be available or what plan will be best, as there are also aspects of health insurance coverage like preexisting conditions that are highly individualistic and will require personal research on the part of someone seeking an individual health insurance plan while unemployed.
There are, though, some who have turned to short-term health insurance when COBRA health insurance or health insurance from a spouse’s plan may not be available and the unemployed individual seeking insurance worries that there could be high costs associated with medical treatment if they continue on uninsured. Yet, short-term health insurance can provide some form of a safety net for consumers as these options are usually offered in various, high-deductible plans that will require a consumer to meet a set deductible before these plans begin to offer coverage for medical costs, but they can also come at a low monthly premium due to the deductible being higher than many individual plans.
Yet, short-term plans may not always have comprehensive coverage, but are simply meant to be a way that consumers can get health insurance at an affordable cost that will cover excessive medical treatment or expenses if an emergency were to arise. While there are various types of plans from different lenders through short-term health insurance options or even individual plans that may allow a consumer to choose a higher deductible, get more coverage, and also offer an affordable monthly premium, this will, again, require consumers to look at health insurance providers in their state.
Yet, one piece of advice that many officials give unemployed individuals looking for health insurance is that they should not simply settle for a “standard” health insurance plan, but need to explore options that will be specific for their health care needs. As an example, consumers who may not frequent the doctor that often will obviously benefit from a high deductible plan with lower premiums, as this health insurance coverage may only be needed were a catastrophic emergency to arise. However, consumers who are in poor health or may frequent the doctor often could have a more difficult time finding affordability, but again, this will depend on the personal research that is done by consumers who are unemployed and looking for health insurance until they can find a job that may offer coverage.