Your Options if you Lose Health Insurance

If you lose health insurance through your employer, there is no reason to crawl into a hole and feel bad for yourself. Sure, you may have become comfortable receiving coverage through your employer, but remember, there are millions of Americans who get along just fine without group health insurance coverage. Of course, you need to learn about your options so that you can make the right decision.

Here are three reasonable options to consider:

1. Do you have a spouse that receives benefits through an employer? This could be your best option because employer sponsored plans tend to have higher coverage and lower prices than buying an individual policy. Even if you are not ready to make this move right now, you may want to have your spouse check around to see if this type of coverage is available.
2. COBRA, or Consolidated Omnibus Budget Reconciliation Act, is a federal law stating that you have the right to continue health insurance coverage through your employer's group policy for up 18 months after leaving or losing your job. While you will have to pay for COBRA coverage, you should consider this option because it will allow you to keep your health insurance the same until you find a better policy or new job.
3. If you do not want to spend a lot of money through COBRA, you might as well begin to shop for an individual health insurance policy. Generally speaking, this means that you will shop for your own policy and purchase without the help of an employer. The nice thing about individual health insurance is that once you get started you cannot get dropped unless you reach the benefit cap or decide to cease coverage.

As you can see, if you lose your job or at the very least health insurance benefits through an employer, there are other options that you can consider.