28 Jun 2017

Major Alternatives For COBRA Insurance Coverage

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Major Alternatives For COBRA Insurance Coverage

Thinking about quitting your job? Do you sense your company is about to downsize and you might be on the chopping block? Either way, unemployment can be a stressful time for many Americans as they try to navigate through the uncertainty, but it’s important to remain calm and create a game plan for the future.

One of your top concerns has to be health insurance because many Americans lose their coverage once they depart from the organization. There is another option called COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act and is meant to extend your health coverage while you’re unemployed. COBRA insurance coverage is flawed though because it’s usually quite pricey, costing upwards of $500 per month per individual in certain cases. This means COBRA is not an option for many Americans, so here are a few alternatives if you find yourself unemployed.

Purchase A Plan

Through the Affordable Care Act, you can shop around for a new health insurance plan. Under normal circumstances, most Americans have to wait for the open enrollment period. The enrollment period for 2018 starts on November 1, 2017, and ends on December 15, 2017. If you’ve lost your job, you may qualify for a special enrollment, which means you’ll have to explain your situation and wait for approval. Once you get approved, you will be able to purchase a health plan.

Utilize Your Spouse’s Plan

This is a great option if your spouse is employed and their company offers health insurance. In many instances, joining your spouse’s plan can save a lot of money in the long-run while you’re unemployed. It’s important to always check with your spouse first and calculate the cost of the monthly premium increase. Your partner’s coverage might differ from your old plan as well, so it’s best to read the fine print and fully understand the new conditions and benefits.


If you’ve lost your job and have had to sell some property, you may be eligible for Medicaid. This provides health coverage to low-income individuals who would otherwise be uninsured. Medicaid is controlled by each state but is federally regulated, meaning coverage and eligibility varies depending on where you live. You can always find out more information at HealthCare.gov to see if this is a viable option.

Trade Unions or Alumni Associations

A lot of individuals often overlook this option, but it’s always best to do a bit of research and make a few phone calls to see if this is available. Many college alumni associations do offer health insurance plans, meaning you can join their plan by simply paying a monthly premium. Several trade unions also provide the same coverage, meaning you can purchase insurance through your specific union. Several other options for different professions exist, so it’s always best to reach out to the union and ask a few questions.

If you’re facing the prospects of being unemployed in the near future, consider these options instead of immediately reaching for the COBRA option, as it can be quite costly and take a chunk out of your wallet. For more information regarding the complex health insurance landscape in America, count on HealthQuoteInfo to give you the latest information and the best advice in the industry.