Costly hospital fees, doctor’s visits, and prescriptions have made health insurance into a household necessity. For those who have a job employer-sponsored insurance is often available. Those who have recently found themselves unemployed are now faced with the discouraging question: how can I get insurance if I am unemployed? With a constantly changing healthcare system it could seem quite daunting, but here is information that should put anyone having to answer this question at ease.
Do I Have Options?
The good news is that options are available which means you can get health insurance for unemployed persons. There are three suggested routes to explore. The first route, if you are considerably healthy and foresee short-term unemployment, is to consider short term insurance. The second route is to consider buying individual health insurance, and thirdly, a relatively new route is to look into setting up a health savings account (HSA). Below is information concerning each of these alternative routes.
Buying Short Term Insurance
Short term insurance programs offer an alternative route for those who need health insurance for unemployed persons. These plans normally have a life span of one to six months, are quick and easy to set up, with low premiums, and can be easily renewed. Short terms insurance policies will generally offer coverage that not only covers general hospitalization and doctor care, but will also cover expenses such as surgical procedures, intensive care, X-rays, and laboratory tests.
Buying Individual Insurance
Buying individual insurance is highly recommended for those who foresee being unemployed for a continued period of time. Premiums will be based upon current medical conditions. Individual insurance is generally more expensive, but one of the benefits is that there is more choice available, including affordable policies for even the smallest of pockets. Plans can be customized to suit the needs of the individual, taking into account possible pre-existing conditions or needs.
Setting up a Health Savings Account (HSA)
A relatively new alternative to the traditional health care plan is to set up a health savings account that can be used exclusively to pay for unforeseeable medical expenses. One of the requirements is that the savings account must be set up in conjunction with a high deductible (low premium) health plan. However, an advantage of choosing such an option is that the funds, when deposited, are tax free, and will turn over each year if they have not been used. If an unexpected medical expense arises, that for some reason is not covered under your plan; the tax free savings acquired will be available to cover it.
It is important to remember that health insurance for unemployed is obtainable. As tempting as it may be to decide to be without health insurance while unemployed, with a persistently shifting healthcare system it is not advisable. As healthy as an individual may seem today, do we want to be faced with expensive medical expenses way beyond our means? On a happy note, affordable options are available.
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