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Maintaining Appropriate Levels of Health Insurance
age if you leave your job. You’ll be responsible for the full premium, but because you’ll still enjoy the group rate, this may be less expensive than purchasing a policy on your own. COBRA only allows for temporary coverage, but it’s a great way to keep yourself and your family financially protected until you find other employment or obtain coverage elsewhere.
Buy It on Your Own
If your employer doesn’t offer health insurance, you can purchase a policy on your own. This allows you to pick a plan that provides you with the specific benefits you want. However, because coverage and costs vary from company to company, obtaining coverage on your own requires careful comparison shopping.
When evaluating different policies, it is important to consider which medical services are covered, and the cost of deductibles, coinsurance and co-payments. Often, the decision will come down to the tradeoff between flexibility and cost. If you don’t want any restrictions on the doctors or hospitals you can go to for care, an indemnity plan or a plan that at least provides some out-of-network coverage is probably the way to go. If you’re willing to sacrifice some choice in exchange for a plan that’s less costly, you might be better off with an HMO. You can determine the right policy for you by consulting with a health insurance agent or broker in your area. You might also try unions, trade associations or other organizations related to your chosen profession. These groups sometimes negotiate group health insurance rates that can make coverage more affordable.
Medicare and Medicaid
If you can’t afford coverage, you may qualify for a state or federal safety net program. The federal Medicare program provides coverage for Americans