Employees need to instantly obtain Health Insurance after being laid-off Privacy Policy | Contact |

Employees need to instantly obtain Health Insurance after being laid-off

BBBOnLine Reliability Seal

Home - Consumer Resources - Latest Policy News, Articles & Researches - Employees need to instantly obtain Health Insurance after being laid-off

Find Local Doctors & Health Plans : Enter ZIP Code...

Your ZIP Code

Types of Health Plan

Your E-mail ID

[Optional and Compliant to Federal Laws]

Employees need to instantly obtain Health Insurance after being laid-off

Employees need to instantly obtain Health Insurance after being laid-off

Researches proves that employees who have recently turned unemployed should find ways of getting health insurance coverage, otherwise they have to face hurdles. This article reports this fact and also suggests various ways of getting health insurance after being laid-off.

A research that was conducted recently proved that, workers who are out of job at present and are continuing with health insurance coverage for their family, owing to an augmentation of employee benefits is an exorbitant costly scheme.

With a sudden rise in the rate of joblessness, the need for availability of federal grant to assist unemployed people to avail health insurance, has become much crucial. This proposition is suggested by Families USA; a Washington-based national advocacy association for healthcare recipients.

There are few federal regulations like the COBRA formulated in the year 1986, which permits many unemployed people and their family members, to continue to remain under the group health care policy of their previous recruiters, for a time period of 18 months. But they can enjoy this coverage only when they make complete payment of the coverage, in addition to compensating 2% of the administrative charges. This law was passed so as to prevent workers from loosing their health insurance after they suffer job loss - particularly when they fall under certain pre-existing stipulations, which prevent them from availing individual health insurance.

But it has been concluded after a study conducted in this regard by Families USA, that with the swift increase in the health care expenses recently, the finances required for carrying on COBRA coverage are not within the means of many people. The standard premium per month for getting family healthcare coverage under COBRA is $1,069. This sum of money guzzles 84% of the standard monthly earnings of a jobless man, which is found to be $1,287. So if 84% of the monthly earnings is spent in availing healthcare coverage, then one can easily imagine the impossibility for a person to run his/her family with the remaining sum of money.

Recently in January, 2009 the Labor Department has stated, that the rate of redundancy in the United States has jumped to 7.2% in December, 2008. When measured from January 1993, this rate is considered as the highest. Recruiters sacked a sum of 2.6 million vacancies in the year 2008. As per latest studies it has been found that above 11 million workers are jobless at present.

So it is found that also COBRA regulation was passed, it has not aided so much but have degenerated the process of expanding the accessibility of health insurance for the uninsured.

However, it is anticipated that some reforms will be made in the health insurance market and a majority of people will avail healthcare coverage because of new US president Barack Obama's assured incentive package.

The study conducted by Families USA also confirmed that already in 9 states of the country it has been found, that the monthly COBRA premiums are equivalent to or more than the total earnings of a jobless person. These nine states include Arizona, Alaska, Alabama, Florida, Louisiana, Delaware, Mississippi, West Virginia and South Carolina.

If a jobless person desires to avail individual health insurance under COBRA, then he/she has to spend 30% of his/her unemployment earnings. The regular cost of a state-run employer offered health insurance amounts to $388 every month or $4,656 per year. However, for healthcare coverage for an entire family, the cost jumps to a surprising amount of $12,823 every year.

Studies states that with the point growth of every 1% in the redundancy rate, the number of US residents devoid of health insurance increases by about 1.1.

It is advised by many health insurance experts that married employees who have lost their job and their health insurance, should find different means to include themselves to their spouse's health insurance, which is provided to the spouse by his/her employer. These actions should be made as quickly as possible after loosing job, usually within 1-2 months.

Those people who possess children should look out for the availability of Medicaid coverage or State Children's Health Insurance Program (SCHIP).

It is best to apply for individual health insurance rather than remaining devoid of healthcare coverage.

In case any employees decide to go for COBRA coverage, then he/she should carefully review all the propositions of COBRA and signup for it. COBRA coverage is for those who have no other option of getting health insurance. So if anyone wants it, then he/she must decide for it quickly as the time for enrolling in it is too short. COBRA coverage may extract more premiums but offers lots of benefits.

Employees need to instantly obtain Health Insurance after being laid-off CLICK HERE FOR INSTANT FREE MEDICAL INSURANCE QUOTES


Home     Contact Us     Privacy Policy     Our Edge     Disclaimer     Site Map     More Resources

Copyright 2003-2021 QuickHealthInsurance.com Group, Inc. [Protected under U.S. Copyright TX5-874-987 & Several Pending Patents]

Page copy protected against web site content infringement by Copyscape.