If you find yourself without a job chances are you are going to be shopping for health insurance. The options for purchasing private health insurance are endless, but cost will be a factor for most people. There are a myriad of cost scales and product options that will leave your head spinning.
Bear in mind that you are not alone. Private health insurance is costly and as a result, many go without it. This should be avoided, and to do so you may find that your best option is for a low cost policy that contains high deductibles or co pays, and with upper end, limits of what the insurer will pay in the event of a catastrophic illness or injury.
For those with prior health issues, the road gets a bit rough. Many insurers will simply deny coverage for those seeking private coverage with heart disease, asthma or diabetes.
You do have an alternative if you have recently lost your job in the form of COBRA coverage, which gives you access to insurance coverage for 18 months. The cost however may be prohibitive if most of your health insurance benefits were paid by your previous employer.
Insurers will often consider your location. Some states do not allow health insurers to discriminate against those with pre-existing conditions.
If you are part of a professional association or union, those memberships will likely stand even after you lost your job, and you may qualify for group rates within that organization.
If you are relatively healthy and young, you may be able to buy short-term health insurance coverage designed for new college graduates. The plan can be designed for six months, or can be on a month-to-month basis.
Sometimes an employer offers a health insurance program, but pays none of the premium. If this is the case, and if you do not wish to participate in the program because you feel the coverage is inadequate, you may find yourself in the private health insurance market. These individuals will face all of the pitfalls of shopping for private health insurance but young and healthy people have more options and may find an affordable and adequate plan. Keep in mind that if you are young and healthy chances are that you lead a somewhat active lifestyle. This may lead to sports related injuries so health insurance for this lifestyle is of key importance.
For those a bit older and who may be starting a family, consider the high cost of pregnancy and childbirth. Consider also the health related costs of the new family member.
As people age, their need for health care increases every year and health insurance will become more important, and more costly. Maintaining a healthy lifestyle and making educated health insurance choices will go a long way to save money.