Being laid-off can be a daunting encounter. You have a multitude of difficult choices that will need to be made in a very brief time span with minimal personal assets on hand. Sorry to say, besides a humble unemployment benefit, you have very little help provided from the state.

Among the most difficult selections that will need to be completed as soon as you initially become laid off is to determine whether to continue your medical insurance via COBRA. The Consolidated Omnibus Budget Reconciliation Act of 1985 is a law approved by Congress which obliges employers to continue health coverage. The only downside with the law is that it allows your company to increase the premiums to be financially unobtainable. Presumably, this is the essential fact that ninety percent of out of work Americans elect not to receive their COBRA benefits. As a result, you and your immediate family are on your own for looking for more cost effective health coverage.

Without a doubt it is a whole lot easier to get low-priced medical coverage nowadays than it was 25 years ago. There are virtually tons of health plans from a variety of insurance vendors. Also, there are Internet sites that will provide you free comparison premiums to make it easy for you to purchase medical coverage. While searching for benefits you will want to compare the deductible with the amount of insurance you are able to spend. If you’re budget is small and are typically healthy then you might increase your deductible if you want to lower your monthly rate. On the other hand, if you have a disease and require a prescription maintenance program, then you will most likely have to adjust your price range accordingly. Usually, the bigger your deductible, the smaller your monthly premium tend to be. Be aware that you will be paying your medical bills yourself until you max out the deductible for the year.

An individual can also consider supplementing medical benefits with an automobile insurance and/or an accident insurance policy. Nearly all auto insurance vendors provides medical coverage for a nominal price that can be added to your policy. This will handle your medical costs if you become injured in a car accident without having to deal with the deductible on your medical insurance policy. You can also buy an accident insurance policy for a low yearly rate that provides coverage if you become wounded because of a covered accident.

Regardless of the health plan you go for, be careful to examine the details to figure out the benefits, limitations and exclusions of the medical plan. The bottom line is that there are a lot of options available so there is no reason to wander about and try to beat the odds because you do not have medical coverage. There is nothing worse than coming down with an illness when you are unemployed without health insurance.

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