By Brian W. Thacker
Since health insurance has gotten to be a larger portion of your monthly budget, it's a good idea to consider ways to use the rules to save you some money. COBRA is the insurance that you will be offered by your prior employer when you are between jobs. This insurance allows you to maintain the coverage that you had while you were employed, but you are required to pay the entire cost instead of your employer paying it. Usually this is the most expensive plan available to you even though it could be your best option if you are sick. Even if you left one job to go to another job, you could find yourself in a gap in coverage due to a waiting period for your new coverage starting at your new job. What some people do not realize is that there is a grace period for accepting your COBRA benefits. You may have as much as 60 days to decide whether or not you want to accept the COBRA without paying for it. If you have a 30 day waiting period for your new insurance to start, you may be able to get that gap in your coverage as free coverage for the month. Do not tell them that you accept the COBRA, but do not decline it either. This way if you get injured or have a major claim, you can pay the premium for the COBRA benefits and get your claim paid. This can save you a thousand dollars or more while you maintain your insurance protection.
Another alternative for COBRA if you are not fortunate enough to have another plan in place is short term health insurance. Short term health insurance plans are major medical plans that are approved by the insurance department just like any other plan that you might get. These plans have basic benefits and cost much less than alternatives. These are short term plans because they are not designed to be primary coverage for an extended period of time. You would want a plan with better benefits if you knew you would not have coverage within the next year or two. If you are actively looking for work that provides benefits, short term health insurance can meet your needs. These plans qualify for the continuous coverage program so you will not have to worry about a gap in coverage. Short term health insurance plans are a good idea you can have in place within 5 minutes and coverage can start as early as midnight. Save money with these ideas on health insurance.
Another alternative for COBRA if you are not fortunate enough to have another plan in place is short term health insurance. Short term health insurance plans are major medical plans that are approved by the insurance department just like any other plan that you might get. These plans have basic benefits and cost much less than alternatives. These are short term plans because they are not designed to be primary coverage for an extended period of time. You would want a plan with better benefits if you knew you would not have coverage within the next year or two. If you are actively looking for work that provides benefits, short term health insurance can meet your needs. These plans qualify for the continuous coverage program so you will not have to worry about a gap in coverage. Short term health insurance plans are a good idea you can have in place within 5 minutes and coverage can start as early as midnight. Save money with these ideas on health insurance.
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