With the inception of the pandemic came a whole lot of negative side effects. While few would say they benefitted from it, others beg to differ. The economy of the country experienced a sort of meltdown thereby affecting businesses. This has led to so many employees being laid off their jobs.
Job loss comes with loss of several benefits associated with the lost job. One of such benefits is a health care insurance plan. Now, COBRA health insurance is almost always the way to go. Although COBRA is efficient in itself, it comes at a high cost. What then happens when you cannot afford it?
Well, the answer is not far-fetched as there are several other affordable COBRA alternatives that will suit your needs. Some of these alternatives are given ample explanation below.
Short-term health insurance
This is the first alternative on our list because it can be easily gotten. This option is open to all citizens of the United States. It allows you to fill in the gap between your present insurance plan and that of your new employer.
Within 30 seconds,you can apply and get approved for any plan of your choice. The benefits attached to any plans you settle for begins 24hrs after it is approved. Thereis no time frame or enrollment period with short-term health insurance. Learn more about short-term insurance.
Short-term plans are more affordable than COBRA, but do not cover most of the robust cases it covers. This plan will also cater for your health nerds for only oneyear depending on your state.
ACA health insurance
ACA is an acronym for affordable care act. It was signed into law in 2010 by the Obama administration. That is why it is also called OBAMACARE.
This is the best alternative in case you are seeking a more comprehensible insurance coverage. With this plan, you become eligible by applying through the Marketplace of your state. In this Marketplace, you get to enroll and buy health plans that is established by your state or federal government.
All citizens of the United States are eligible for this plan. To qualify as s citizen, your income must be between 100-400% of the poverty line. The prices are not cut-throat, as you get to pick the one that you can most likely afford.
Independent health insurance
If you want a better plan than the short-term plan, independent health insurance is the way to go. This alternative is the best incases where your income is not qualified for ACA premium plans.
Independent health insurance is usually purchased from private insurance establishment that are not affiliated with the ACA. These plans are not Marketplace Plans and does not qualify you for premium packages. What you stand to gain is that It is relatively inexpensive and keeps you from paying for COBRA premium. Click here for more about Independent private health insurance.
Professional group plan
There are healthcare plans with low premium rates and this is one of them. The plans are available throughnational organizations that provide benefits for private business owners.
These organizations includes Nationsl Association of the Self-Employed (NASE)and freelancers union. While NASE has paid membership of $120, freelance union offers free membership.
In conclusion, you do not decide just yet. You can still decide to continue using COBRA.If not you can goahead and purchase one of the alternatives that best suits you and your family.