Cobra Insurance Alternatives You Need To Consider Today

Whenever you lose or quit your job, you risk losing your health care coverage. While it’s quite frustrating, COBRA health insurance allows you to continue your plan if you qualify and make all the contributions needed.

Unfortunately, you’ll have to pay the 2% administrative fee, and full premium that includes your previous employee contributions towards your coverage. The reality is it’s quite expensive. Since you can’t risk staying without health insurance, you’ll end up seeking alternatives. Explained below are the COBRA insurance alternatives.

Try short term insurance. It covers the period between your previous insurance and when you’ll get a new employer. Unlike COBRA, these insurance don’t take long to get approval, and your coverage will be active soon after you complete the application. Again, it’s not expensive, and you’ll have no problem making contributions.

Consider ACA health insurance. These are among the best alternatives. The plans are state-driven, and you can get from your federal or state government. Your role is to shop for the best policy from the marketplace. However, it’s only for U.S. residents, except those incarcerated.

Opt for independent long term insurance. If you feel that you’re not in a hurry to seek another employer, then this alternative works. More so, you can enroll for this alternative if you’re thinking of venturing to self-employment. The plans are friendly, and they’ll give many health benefits. On premiums, you pay less than what COBRA demands from you.

Another alternative is going for shared insurance plans. The Patient Protection and Affordable Care Act allows members to contribute their premiums in a particular pool, which they enjoy the benefits in the event of health risk. Once you’re a member, the contribution you give to the pool becomes minimal, and the same applies to benefits enjoyed.

Consider being part of your spouse’s insurance. The alternative only favors those who the other spouse is employed and has a comprehensive cover that allows for family members. Since some limit the number of family members to include, you need to be sure that there is space for you. In this case, only the employed spouse pays the contributions.

A time when the world is full of uncertainty and unprecedented epidemics, you don’t have to take the risk of living without an insurance cover for you and your loved ones. You need to look at the COBRA insurance alternatives carefully and choose the right choice based on your needs, terms, and affordability.