subject: What Happens When Health Insurance Premiums Withheld When An Employee Terminates? [print this page] If you've recently left your place of employment or company, resigned, been laid off, terminated or fired you may be worried about what you're going to do now for low cost health insurance. And being unemployed is not going to help you get enough money together necessarily, unless you have savings, to pay high insurance premiums.
Your health insurance may have also covered your wife, children or your family. This can make it doubly hard to make continuing insurance payments. Ideally you'll want some affordable or low cost health insurance to carry you over until you become employed again or the problem resolves some other way.
You can check with the state you reside in and see what insurance programs they have. The laws are ever-changing and there may be new changes that occur that you're not aware of. However if they do offer coverage it may not be enough to take care of your health concerns. State health insurance usually doesn't offer much Medicaid coverage, but this can change.
Cobra is the traditional source for getting insurance that you're entitled by law to get. At one time it was 18 months. Cobra means Consolidated Omnibus Budget reconciliation Act. Now if your employers were contributing 85% or so of your insurance you know your premiums are going to be much higher. There are administration fees also depending on the size of the company you were with.
If you get an individual plan or policy it will be based on your age and health and the state you live in. Another concern is that if you're taking certain drugs you may be denied. Drugs such as Metformin, Plavix or Seroquel. If you smoke your premiums can be much higher. If you're a senior you may have even higher costs and may not be able to find coverage at all.
You may be able to get affordable or low cost health insurance for your children through state plans, such as those offered in the states of Washington and Oregon.
You can contact several insurance companies through the online search- quotes feature where you can get several low cost health insurance quotes at one time. This will give you a good idea how and where you can get the cheapest health insurance or at least low cost insurance. The lower cost health plans will depend on what if any medications or prescription drugs you take. So if you take few or no prescription drugs you can get a much lower rate. You may also be surprised to find that your premiums are much lower if your employer had high cost insurance plans. Anyway it's free and worth a try.
by: Helen Hecker
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