How to Stop the Loss of a Health Insurance Policy
- 1). If you receive health insurance through your job and lose your job, apply for COBRA coverage immediately. COBRA (Consolidated Omnibus Reconciliation Act) is a health insurance program specifically designed for those who lose coverage because of a job loss. Unlike standard health insurance, you cannot be denied for a pre-existing condition, and coverage is guaranteed. Apply for COBRA within 60 days of your job loss. Although the premiums for COBRA are usually at least twice the amount you would pay if you were insured, people with pre-existing conditions choose it because it is the best program available for them. COBRA coverage lasts for 18 months.
- 2). If you receive health insurance through your parents and are over the age of 19, maintain full-time student status. When you graduate or lose your full-time status, you will have a grace period of three months before your health insurance expires. If you are still uninsured after that time, apply for COBRA benefits. Dependents, such as children and spouses, can apply for COBRA benefits. However, bear in mind that COBRA costs can be expensive. Hence, if you are young and healthy, compare private health insurance plans with COBRA.
- 3). Never let there be a lapse in coverage of more than 60 days. Many people who are young and healthy refuse health insurance because of their favorable health status. However, when they get sick or injured, they suddenly apply for insurance. Do not do such a thing. Instead, if you are young and healthy, find an affordable and comprehensive health insurance plan. Having a lapse in coverage will make it harder for you to buy private insurance in the future.
- 4). Get coverage while you are healthy. Insurance companies like healthy people, and they will offer low rates and attractive packages to such people. Furthermore, if you suddenly become sick, insurance companies will usually not drop you, but they will raise your premiums. If you are young and healthy, shop around and choose the best plan for you.
- 5). As a last resort, consider Medicare or other government-sponsored programs. Find out what government-sponsored programs are available in your state. If you are disabled and cannot work because of a health condition, you should qualify for Medicare.
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