Health Insurance Options After Losing Your Job
As you may know, when an employee is terminated, they can extend their health coverage under COBRA for 18 months. However, if they elect to do so, their prior employer is not required to pay for that coverage. If the employer does not cover all or part of that health insurance benefit, the terminated employee must. Many individuals opt for private coverage for themselves or their families either before or after their COBRA runs out and there are multiple coverage options in most states.
Not all insurance is built equally, and what may work for you might not work for your neighbor. Some people may require a platinum-tier plan while others may just want limited benefits. By spending a little time determining your needs, you may save yourself thousands of dollars. However, for many people this choice is horrendously confusing and stressful.
This is why If you are thinking of covering yourself or your family through individual coverage we suggest you contact a specialist with knowledge of this market in your state. Executives in Motion has affiliated advisors in this type of coverage if you need it.