Be careful of COBRA : Cobra health insurance Solutions : Denise Williams
By: Health Insurance
Submitted: 2009-08-04 22:17:04 | Word Count: 407
Fear of not having health insurance is often equal to the trepidation many Houstonian’s feel over loosing their jobs. The tendency to hunker down, and focus every effort toward finding your next job is well placed, but don’t fretter away funds you may need in the future for necessities like the mortgage by paying exorbitant healthcare premiums.
When I was laid off, faster than I imagined possible, employer-supported benefits ended and the full cost of COBRA hit. Our premium went from the mid-three hundreds to over twelve hundred dollars a month. Shopping for an individual insurance plan, the array of choices that varied from not-good to even-worst was so dizzying, I continued to procrastinate. When a few months of unemployment turned into a year, I buckled down and selected a policy. My $1200 premium went to $500. Not great, but not bad, until it went up three times in almost the same number of months. Deciding to apply the business savvy I possess to finding the right health plan for my family, I now have a Health Savings Account with a $300 premium and a $10,000 deductible.
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The moral of the story? Don’t wait to solidify your healthcare plans. If I had opened an HSA account in the beginning of my unemployment, and invested the money I wasted in high-priced premiums, my family would have over $10,000 in our HSA account today. In recent months, individual insurance plans have become a growing market for health insurance companies. In Houston, Blue Cross and Blue Shield of Texas and United Healthcare’s Golden Rule offer short-term healthcare policies for displaced workers.
When you find the right policy for your family, will health care cost more than when you were working? Probably. But, at least, you have options. Don’t neglect to exercise them.
P.S
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