(the) Health Savings Accounts Blog

Am I the only one not shocked by that headline recently in many major newspapers?  Of course, health insurance is expensive for the unemployed – it’s expensive for the EMployed too!

(here’s that article from the Washington Post)

But in fairness, the article focuses on the cost of COBRA plans – which have ALWAYS been prohibitively expensive for people who need them!

COBRA guarantees continued benefits for many people who have lost their jobs where they had group insurance (too many details to cover with COBRA, but that’s the jist of it).

So why is it so much MORE expensive than the group plan someone had prior to being unemployed?  Actually, it isn’t any more expensive.

Under COBRA, the (former) employee is simply forced to pay the full price of the plan.  Formerly, that same (former) employee was only paying a relatively small portion of the premium, which they still found to be “too expensive” of course.

Are there any alternatives to COBRA?

Yes!  Several insurance companies offer “short term” policies that are much less expensive than COBRA.  The catch: they are not guaranteed insurable plans, so you must qualify for coverage.  But, qualification is much easier than for full blown major medical plans.

Here is a link to the leading provider of short term health insurance, Time Insurance Company, an Assurant Health company: Short Term Health Plan Quotes

From that link, you can get your own quotes and apply online. Coverage can be in effect as soon as – tomorrow!

If you have any questions about this or any other health plans, please feel free to contact our offices, either via phone or email.