In the present economy, many households have been impacted by the loss of employment. Although unemployment compensation was prolonged numerous times, many people realize that there’s a limit for the extensions and that the possibility for serious hardship is a close reality. Nevertheless, lack of employment has already brought about a serious hardship for many people. Many bread winners have not only forfeited their source of income, but also the medical insurance coverage they have relied on all through their careers. Fortunately there are temporary health insurance options that are available to help in these circumstances.
Temporary health insurance is designed to bridge the gap between employer sponsored medical insurance policies. But with the unemployed being unable to rapidly come across a new occupation, many families are counting on temporary health insurance for a lot longer then they want. In most cases, these families have not properly set aside enough cash in their budget to cover medical insurance for extended unemployment. The latest studies signal it’s taking many people nearly nine months to acquire a new job. And with only funds from their unemployment checks coming in, many families are rapidly draining their savings just to provide for their families medical requirements.
An additional issue facing those with active health insurance policies is inadequate coverage. Obviously the cheapest health insurance policies furnish the least protection. Quite often, inexpensive health insurance coverage begins providing benefits when an exceptionally high deductible is satisfied. These plans are fundamentally nothing more then catastrophic health insurance plans. To receive better medical coverage, one must spend more.
Recently there have been numerous mutual health insurance corporations which have closed and are in receivership. This can be a major challenge facing those people that met their deductibles for the year but are now obligated to obtain a new temporary health insurance plan that disregards the monies they have spent towards their deductible under their previous plan. In some cases, a recent pre-existing illness can disqualify individuals for a new medical insurance policy completely.
When looking for temporary medical insurance coverage, it is almost certainly better to get in touch with the primary health insurance businesses directly. This minimizes the risk of a middleman insurance company going bankrupt on their policyholders. A major health insurance company, such as Anthem, sells individual and family medical insurance plans directly to the public. Quite often, these health insurance businesses can build a customized health insurance plan that meets the budget and health care demands of each policyholder.
As described previously, long lasting unemployment is a major problem which many households are coping with. When examining the money necessary for a temp medical insurance policy, remember the fact that the average period of time that people are unemployed for is nine months. Any health insurance policy being contemplated should be priced low enough where people can pay the monthly premiums for at the very least nine months.
The latest GDP figures point out there is the prospect of another round of significant layoffs soon. While those that recently lost their jobs may be eligible for COBRA, some will find the cost of maintaining their employer insurance coverage after a layoff is beyond their price range. Those that were employed by companies which have shut down, no COBRA options are available. A reasonably priced short term health insurance solution could be the most ideal coverage for most people to safeguard themselves against the economic losses which can result from a major medical problem which involves significant medical care.