7 Tips to Plan Your Health Care After Job Loss
Losing your job can be a stressful and overwhelming experience. On top of dealing with the emotional and financial challenges, The last thing on your mind is your health care status. But if done well. Taking advantage of your health care before it runs out is the most ideal way to mitigate and future stress.
- Review your current health insurance coverage. Before you do anything else, take some time to review your current health insurance coverage. This will help you understand what benefits you have and how they work.
- Estimate your monthly health care costs. Once you know what benefits you have, estimate your monthly health care costs. This will help you determine how much you need to budget for health care each month.
- Consider COBRA continuation coverage. If you were offered COBRA continuation coverage when you lost your job, you may want to consider enrolling in this plan. COBRA allows you to continue your employer-sponsored health insurance coverage for up to 18 months after you lose your job. However, COBRA can be expensive, so you will need to weigh the costs and benefits before making a decision.
- Look into state health insurance options. Many states offer health insurance plans for people who are unemployed. These plans can be a good option if you cannot afford COBRA continuation coverage.
- Apply for Medicare or Medicaid. If you are eligible, you may be able to get health insurance through Medicare or Medicaid. Medicare is a federal health insurance program for people age 65 and older, people with certain disabilities, and people with end-stage renal disease. Medicaid is a state and federal health insurance program for low-income individuals and families.
- Shop for individual health insurance. If you do not qualify for COBRA continuation coverage, state health insurance, Medicare, or Medicaid, you may need to purchase individual health insurance. When shopping for individual health insurance, be sure to compare plans carefully and choose one that fits your needs and budget.
- Talk to your doctor about your options. If you are facing job loss, talk to your doctor about your health care options. Your doctor may be able to recommend resources or provide you with additional information.
- Start planning ahead. If you know that you are likely to lose your job in the near future, start planning ahead. This will give you time to research your options and make informed decisions about your health care coverage.
- Be prepared to make sacrifices. Losing your job can mean making sacrifices in your health care coverage. You may need to choose a less expensive plan, or you may need to go without health insurance altogether.
- Don’t be afraid to ask for help. There are many resources available to help people who have lost their jobs. You can contact your state’s unemployment office, your local health department, or a nonprofit organization that provides assistance to people in need.
Get in touch with one of our experts today. To design a plan just for you.
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