If You Lose Your Group Health Insurance, What Should You Do?
Many people are on group health insurance and understand how important this coverage is
. With group coverage choosing a plan is usually easy because you typically only have one or two options. Group coverage usually has excellent benefits, covers preexisting conditions, childbirth, and prescription drugs. Now that you have lost these excellent benefits you may be asking yourself, Now What? Try not to worry to much. There are a few options that you have when it comes to continuing your health insurance coverage. You should definetly consider working with an independent agent to help you with your options. There is no cost to you to work with an agent because they are paid by the carriers and their rates are the exact same.You must know what your health insurance needs are in order to find the right plan. When coming off of group coverage the first thing that needs to be addressed is if you have any preexisting conditions and if so how will this affect your ability to obtain coverage with an individual plan. As long as you haven't had a lapse in coverage your preexisting conditions will be covered and you are guaranteed coverage. Once you have lost your group coverage your previous employer will offer you a COBRA coverage which is simply a continuation of your current plan but the premium will not be subsidized by your employer. COBRA will likely be your best option if you have a preexisting condition such as cancer, diabetes, heart attak, stork or other major health conditions. Keep in mind that COBRA is only temporary and usually ends after 18 months.
An individual health insurance plan may be the right option for you if you don't have any preexisting health conditions or the ones you have aren't really severe. In choosing an individual plan the main things you will want to understand is if your doctors are in the network, what your deductible and coinsurance options are, and whether or not a comprehensive copay plan or a catastrophic plan will be better for you. You have some flexibility in many these choices which allows you to customize the plans so that you can get something that not only protects you from bankruptcy in the event the big one hits you but also one that doesn't cost you an arm and a leg each month in premiums.
Getting health insurance when coming off a group plan is all about knowing what your needs and options are. Common problems associated with finding the right coverage can be avoided by enlisting the help of an expreienced health insurance agent.
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