Health insurance for unemployed is one of the major issues in these economically hard times. If an individual has recently lost his job and is not insured for health insurance for unemployed plan either, then it is very difficult for him to find a reasonable and complete insurance policy. But it’s time for them to cheer up as getting sufficient health care under health insurance for unemployed is absolutely possible.
A law called Consolidated Omnibus Budget Reconciliation Act (COBRA) was passed by the US government in 1986, addressing the need of health insurance for unemployed. The law sustains a right to employees and their family members to avail their personal or family health insurance.
It is to be noted that there are some limitations regarding your decision to carry on with the plan offered by your company. One of them is related to your involvement with the plan till 18 months. It appears as a temporary health care until you get new health policy. If, during the first two months of having COBRA, an employee becomes crippled or disabled, the insurance is elevated for 29 months.
Another thing to keep in mind is the payment of premiums when you decide to carry on with the health insurance for unemployed. Your former employer may refuse to pay any part of your expenditures or monthly premiums any more. In that case, you are the sole responsible to bear the entire amount of premiums. Thanks to President Obama who signed an economic stimulus package which is seen as a reduction in premium for COBRA insurance that any qualified employees can avail it.