Options You Have When You Lose Your Health Insurance

After the recent economic meltdown, many consumers are finding it difficult to manage their monthly expenses and pay for health insurance. Many companies are also now reducing or eliminating health benefits. In these situations, consider the tips mentioned below when you lose your health insurance.

  1. You can use COBRA, if you suffer job loss and require health insurance. Once you lose your employer health coverage, you can use COBRA for 18 months. If the health insurance plan still exists, then COBRA permits you to keep the same health plan provided by your employer. Remember, COBRA can be more expensive than the premium that is deducted each month from your pay check. However, COBRA is comparatively cheaper than private and individual health insurance plans.
  2. When you do not have health insurance coverage, then it’s beneficial to maintain a healthy lifestyle. Make sure you exercise regularly and maintain a balanced diet.
  3. You can ask your doctor for reduced fees as well as to provide less expensive drug options such as generics.
  4. Try to lower your stress level in order to have a healthy life. Make sure you embrace different relaxation techniques like yoga or breathing exercises.
  5. If you have exceeded the age of 65 years and meet special criteria, then you can apply for Medicare. You are eligible to apply for Medicare 3 months before attaining the age of 65.
  6. In the US, alternative medicine is a popular option among the adults. Remember, acupuncture and herbal remedies are cheaper than the modern medical treatments. However, the results can be similar but it may take longer time to heal your disease.
  7. You can use your spouse’s health insurance plan as you can qualify as a dependent. However, you may need to pay higher premium but the cost of applying for private health insurance coverage can be higher.
  8. You can plan to apply for a lower paying job in order to get better health benefits. You can opt for large pay cut as it can help you get better health insurance benefits. You can search for employers who may offer a good health insurance plan.So keep the above mentioned points in mind when you lose your health insurance for various reasons.