Cobra Alternatives - Don't pay too much for health insurance!
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COBRA Alternatives Save Money
COBRA Alternatives Save Money
Most people have no idea what COBRA means. Congress enacted the Consolidated Omnibus Budget Reconciliation Act or COBRA to protect people in the event that they face the loss of medical insurance coverage when changing jobs, after the death of the eligible employee, after divorce, or some other life altering event. COBRA is not health insurance. It is simply a law.
Once a person becomes eligible under COBRA, they have 60 days to make a decision about whether they want to continue coverage or not. If they decide they want coverage, COBRA allows them to continue coverage under their former employer group medical insurance plan for up to 18 months. Premiums can be as much as three times the amount they paid while employed because the former employee is now responsible for 102% of the premium cost. Most of the time, it is prohibitively expensive. Maybe that's why only 20% of eligible people elect to continue their group health insurance benefits.
Fortunately, there are alternatives that can save people money. Group health insurance agents have many different options they can present to people seeking health insurance. They are licensed professionals who are educated and experienced in dealing with healthcare insurance questions on a daily basis.
Here are just a few options that are available:
· Aetna is one of the largest insurance companies in the United States. They offer health insurance coverage in many different states. Aetna has group plans customized for the differing needs of the employers that buy group health insurance through the company. The cost and plans vary significantly depending on individual state laws and business needs. Aetna does business in the private sector as well.
· Blue Cross and Blue Shield are two names that are widely recognized around the United States. They offer health insurance to both companies and individuals. Because they are nonprofit companies, the rates are usually much more competitive than those offered by other companies.
· Short-term health insurance can be a very viable alternative for those who are in between jobs. Often, people are without insurance for only a brief period of time. Once they get a new job, they will be eligible to enroll in the group health care plan offered by their new employer. Short-term health care insurance is sold by many different companies and can be purchased by individuals through an independent health insurance agent. Coverage on these plans is usually very affordable, but does have its limititations.
Obviously, people need to seek the services of a professional licensed health insurance agent that does business in their state. They can provide free quotes and valuable information to help people make the right health care decisions relevant to their own unique situations.
Since 2001 BestHealthcareRates.com has helped thousands of families and businesses to find the most benefits for their insurance budget. The company is committed to exceptional service and strives to achieve 100% customer satisfaction and Affordable Health Insurance for all. For more information about affordable group health insurance, affordable medical insurance or just to get group health insurance quotes visit www.BestHealthcareRates.com or
call us at 1-877-812-5111.
Most people have no idea what COBRA means. Congress enacted the Consolidated Omnibus Budget Reconciliation Act or COBRA to protect people in the event that they face the loss of medical insurance coverage when changing jobs, after the death of the eligible employee, after divorce, or some other life altering event. COBRA is not health insurance. It is simply a law.
Once a person becomes eligible under COBRA, they have 60 days to make a decision about whether they want to continue coverage or not. If they decide they want coverage, COBRA allows them to continue coverage under their former employer group medical insurance plan for up to 18 months. Premiums can be as much as three times the amount they paid while employed because the former employee is now responsible for 102% of the premium cost. Most of the time, it is prohibitively expensive. Maybe that's why only 20% of eligible people elect to continue their group health insurance benefits.
Fortunately, there are alternatives that can save people money. Group health insurance agents have many different options they can present to people seeking health insurance. They are licensed professionals who are educated and experienced in dealing with healthcare insurance questions on a daily basis.
Here are just a few options that are available:
· Aetna is one of the largest insurance companies in the United States. They offer health insurance coverage in many different states. Aetna has group plans customized for the differing needs of the employers that buy group health insurance through the company. The cost and plans vary significantly depending on individual state laws and business needs. Aetna does business in the private sector as well.
· Blue Cross and Blue Shield are two names that are widely recognized around the United States. They offer health insurance to both companies and individuals. Because they are nonprofit companies, the rates are usually much more competitive than those offered by other companies.
· Short-term health insurance can be a very viable alternative for those who are in between jobs. Often, people are without insurance for only a brief period of time. Once they get a new job, they will be eligible to enroll in the group health care plan offered by their new employer. Short-term health care insurance is sold by many different companies and can be purchased by individuals through an independent health insurance agent. Coverage on these plans is usually very affordable, but does have its limititations.
Obviously, people need to seek the services of a professional licensed health insurance agent that does business in their state. They can provide free quotes and valuable information to help people make the right health care decisions relevant to their own unique situations.
Since 2001 BestHealthcareRates.com has helped thousands of families and businesses to find the most benefits for their insurance budget. The company is committed to exceptional service and strives to achieve 100% customer satisfaction and Affordable Health Insurance for all. For more information about affordable group health insurance, affordable medical insurance or just to get group health insurance quotes visit www.BestHealthcareRates.com or
call us at 1-877-812-5111.
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The rate of unemployment and layoffs in every sector of the economy requires that individuals get smart about health coverage.
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Understanding COBRA Problems and AlternativesPeople who have lost their jobs for any reason may be concerned about finding COBRA alternatives. The COBRA legislation was set up by Congress to provide protection for people who have health insurance provided by their employers. The Consolidated Omnibus Budget Reconciliation Act or COBRA was created to give people the option of continuing with insurance through the employer's group plan for up to 18 months after termination of employment. In other words, if you lose your job for any reason you can elect to pay to keep the same insurance for up to 18 months.
It all sounds good in theory but there are a few concerns people face when considering using COBRA:
· COBRA is expensive. People have to pay about $600-$800 for individual health insurance through this plan. Families can expect a bill of at least $1300. Most people are unpleasantly surprised by the high dollar amount they are expected to pay for continuation of their health care coverage.
· Why is COBRA so expensive? While the person is working, the employer likely paid the majority of the health insurance premium. That was part of the employee benefits package. Once someone no longer works for the employer, the premium burden falls to the former employee because the employer is not required to pay for health insurance benefits for people who do not work for them.
· Unemployment compensation does not pay enough to cover COBRA. Affordability is important for people who have been laid off or lost their jobs. Affording a high health insurance premium is difficult for someone who lives on unemployment compensation. Most people who use their unemployment benefits only receive a maximum of $1300 each month. It does not make sense to spend almost all of that money to provide health insurance rather than food or living expenses.
· The government allows 60 days for someone to make the decision about whether or not to choose COBRA benefits or the alternative. Any person who has recently lost a job may not feel emotionally prepared to deal with finding affordable health coverage. Getting a health insurance comparison from a qualified insurance agent will equip a person to make a judgment about healthcare options.
The need for family medical insurance does not end when the job does. Changing jobs causes a lot of stress. Living without a job creates higher stress levels. High insurance premiums cause even more stress. Fortunately, COBRA alternatives do exist that can save money. A qualified private health insurance agent is the best person to consult for questions about health insurance.
Since 2001 BestHealthcareRates.com has helped thousands of families and businesses to find the most benefits for their insurance budget. The company is committed to exceptional service and strives to achieve 100% customer satisfaction and Affordable Health Insurance for all. For more information about COBRA alternatives, visit www.BestHealthcareRates.com or call 1-877-812-5111.
Visit www.BestHealthcareRates.com for your group health insurance quote
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Cobra Alternatives
The rate of unemployment and layoffs in every sector of the economy requires that individuals get smart about COBRA health coverage.
BestHealthcareRates.com Helps Families Make Sound Financial Decisions
BestHealthcareRates.com Helps Families Make Sound Financial Decisions
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