Is COBRA in Ohio Really the Best Option?
Are you among the many unemployed who are struggling to figure out how to find good Ohio health insurance coverage at an affordable rate? With economic hardship rearing its ugly head in the past years, it is more common than not for individuals to be struggling at this time. Unemployment rose to record heights in 2008-2010 and it has left many wondering how they will ever pay for the insurance they need.
The Government program COBRA (Congressional Omnibus Budget Reconciliation Act) is an option that many without employment have opted for. The way this program works is that it allows you to continue, for a time, the coverage received through your employer. The downside is that your premium goes up because you are responsible to pay the portion the employer previously covered. COBRA is meant to operate as a safety net while you are searching for employment or looking into another means of coverage for your Ohio health insurance. Other coverage options would include things like using a spouse’s plan, state-sponsored plans, short-term policies, and finding new employment with insurance coverage. There are instances where coverage is extended, called continuation coverage, but generally coverage lasts 18-36 months depending on the situation. Also important to note is that COBRA does not apply when a company chooses to stop offering coverage and if they should file for bankruptcy.
Although COBRA is an option, it should be noted that fewer than 10 percent of those eligible opted for it this year. It is certainly worth exploring other options to see what might be more cost effective. Even when the Obama administration put into effect the nine-month subsidy which covered 65 percent of the premiums for those who were unemployed between September 1st of 2008 and December 31st of 2009, there may have still been better options to choose from. It is important to do research to become more informed on what is really out there and how it can best help you. You would also be wise to seek professional assistance when purchasing Ohio health insurance from an experienced broker who has been working in this field for twenty years or more.
Short-term major medical policies for many are a better way to go. The private market’s competition is often able to keep prices lower for individuals than even a government program can promise. Short-term policies are for those who need one to six months of coverage and are more attractive for those with good health. Compared to other private plans, you can save up to 35 percent with short-term policies and the coverage can begin immediately.
Overall the best move to make is to gather information so that you really do know what you options are. It is then wise to seek professional help to assist in weaving through the more difficult material. There is an Ohio health insurance plan out there that is best for you whether you’re employed or searching for employment. With the right expertise and information you will surely make the right decision.