Cobra Insurance Coverage Alternatives

COBRA coverage is an optional health insurance plan that protects you in case you are terminated or leave your job on relatively short notice. COBRA is a law that was passed that gives people health insurance coverage for a certain amount of time after they leave their job or are terminated from their job.

Individuals who are recently unemployed or have quit their job may apply for COBRA coverage, but there are alternatives to this kind of health insurance that you can take advantage of. If you are leaving your job or have been fired recently, making sure you have health coverage is likely to be one of the first things you are going to think about as you move forward with your job and your life. COBRA coverage is an option, but there are alternatives if you don’t want to continue your current health insurance plan through the Consolidated Omnibus Budget Reconciliation Act (COBRA).  

Alternatives to COBRA

When you lose your job, or put in your two weeks’ notice, the last thing you want to be thinking about is your health insurance coverage. However, this is an incredibly important aspect of your life and shouldn’t be neglected, especially when the health care system in the United States is constantly changing.

One alternative to COBRA coverage is getting on your spouse’s insurance plan. If you both had health insurance through your jobs, it may not have been a problem to take care of your routine and emergency coverage situations throughout the year with your own insurance plan. If you lose or quit your job, joining in on your spouse’s health care plan may be your best and cheapest option.

To see if you qualify for coverage under your partner’s plan, contact their insurance agency or ask a representative of their company for more information about getting coverage under their insurance plan. Many companies that work with employers can insure the spouses of their employees to some extent.

You may also be able to choose a limited or short-term medical plan to cover you between losing your job or your insurance and choosing a new plan- these shorter terms of coverage still give you protection in case of medical emergencies, so that you don’t have to worry about taking care of your health even if you don’t have the right insurance coverage just yet.  

Marketplace Insurance Alternatives

Secondly, you can find a new health insurance plan under the federal marketplace that was designed through the Affordable Care Act. The Affordable Care Act, also known as Obamacare, was created so that people had an alternative to expensive health care coverage and so that they could afford a basic level of health insurance no matter what.

These health insurance options are often much more affordable than continuing your employer’s insurance coverage with COBRA. No matter what time during the year you leave or lose your job, you will likely qualify under a special enrollment period for health care that enables you to look at qualifying policies that you can purchase to make sure you aren’t without health insurance coverage for very long after you leave your job.

There will be changes to the plans that are offered through the marketplace, as there will likely be changes to the structure of Obamacare in the months and years to come. Health insurance plans are offered based on where you live, so you will be able to find health insurance plans that are geared towards the health care situation in your state.  

Other Alternatives

You may also find a variety of health insurance options that are available through professional associations you may be a member of; you may also find that unions, college alumni associations, and other groups offer insurance options for individuals who are members of those groups.

Faith-based medical cost-sharing programs also provide an alluring alternative to traditional health insurance coverage. These plans are exempt from the Obamacare individual mandate, although they are not considered to be a traditional health insurance plan. These programs allow members to pay a monthly fee, much like an insurance premium. Unlike regular health insurance, though, this medical cost-sharing program gives members money in case of a medical emergency, and the risk is spread out over a smaller group of people with similar values. Some medical cost-sharing programs are limited to people of certain religious beliefs, while others have a more open membership structure.  

Federal health insurance options

Your final option for health insurance that is an alternative to COBRA is through the federal government. You may be able to qualify for Medicare or Medicaid, which are federally funded health insurance programs geared towards elderly, retired, and disabled residents of the United States.

Individuals who are dealing with certain chronic diseases, disabilities, low incomes, or other circumstances may be able to qualify for Medicare or Medicaid. These federal programs can allow you to afford a basic level of health care, in addition to providing families with health insurance options for themselves and their children.

Individuals aged 65 years or older may qualify for Medicare, which is designed to take care of people who are of retirement age and may no longer be taken care of by their employer’s health insurance. Certain individuals with illnesses or disabilities, such as end-stage renal disease, may qualify for Medicare earlier than their 65th birthday. Individuals with limited assets or income may be able to qualify for Medicaid programs.

Overall, there are many different alternatives to COBRA insurance that people can take advantage of if they find themselves unable to pay for health insurance after they leave their jobs or are fired. COBRA insurance is available, but it can often be prohibitively expensive and may not be something a person with limited income would want to spend money on if they are retiring, or if they are concerned about their finances in the wake of losing their job unexpectedly.

COBRA insurance is designed to give people an option for health insurance if they need it, but a lot of people find that it isn’t financially viable for them to consider if they have recently left their job or if they have been fired. If this is the case, there are a few different options you can take advantage of that gives you affordable health insurance options for you and your family.

If you are looking for alternatives to COBRA insurance, consider if you qualify for federal health insurance aid programs like Medicare or Medicaid. If you don’t qualify for these programs, you can look at your state’s health marketplace for the plans they are offering. This makes sure that you aren’t going without insurance, and that you don’t have to pay the penalty for not having insurance throughout the year. You may also consider joining in on your spouse’s health insurance plan, if they are still covered by their employer.

If you would like more information about your health insurance options, we here at BuyHealthInsurance.com can help you find the right coverage for you. Our insurance experts can walk you through the insurance options that may be the best for you and your family. You can also call 1-800-793-3803 to speak with one of our professional health care advisors, who can tell you more about health insurance alternatives like medical cost sharing groups in the United States.