If my employer
does not offer health insurance, can I buy an individual
policy?
Yes. If you are unemployed,
self-employed, or decide to return to school you may want to buy
an individual health insurance policy.
Here are a number of options that you may consider:
1.
Ask your insurance company if you can convert its group policy
to an individual policy. You will pay a higher rate than you did
before and your benefits may be limited, but the terms will
still probably be better than if you buy your own policy.
2. If you are married, see if your
spouse’s employer will add you to its group plan.
3. Try to join a group health
plan through a trade association or alumni group or professional
association may offer reasonable rates. You can also find a
group plan designed specifically for freelance workers. If you
are over age 50, you can join the American Association of
Retired Persons (AARP), which offers an extensive plan. Even
some credit card companies offer health insurance coverage.
4. It is possible also to buy
an individual policy. The rates may be high and coverage
limited, but it is important that you be protected against
financial catastrophe if you, or your family, are hit with a
major illness or injury. If you are self-employed, most of the
health insurance premium will be tax-deductible.
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If I change jobs or become
unemployed, can I bring my health insurance coverage with me?
If you switch employers, you have the right to carry your group
health insurance coverage with you to a new job for up to 18
months under the Consolidated Omnibus Budget Reconciliation Act
(COBRA).
You must pay the full premium, but at group rates that are far
cheaper than the individual rates you would pay for similar
coverage. Health insurance under COBRA is available if you are
in the following situations:
1. You leave a company and become
unemployed or self-employed for up to 18 months.
2. You are a widow or widower
or child of an employee who dies while working for the same
company for three years or more.
3. You are the divorced spouse
or child of an employee who has left the company he or she was
employed at for at least three years.
4. You are the child of an
employee who left a job and have not yet reached age 23.
NOTE: If you need COBRA benefits, you must fill out the
appropriate forms from your employer’s benefits department
within 60 days of leaving your job. If you do not act within
that time, you may be denied coverage.
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Provided by the Insurance
Information Institute
http://www.iii.org/individuals/healthinsurance/ |