Unemployment rates have been increasing because almost all countries and economies in the world have been suffering from the financial crisis. If you are employed, aside from the mandatory taxes, you would try it hard to pay for your insurance policies or you would ask the company you are working with to provide your insurance coverage because you understood how difficult it would be if you get hospitalized. Having a steady job and decent earnings, you can get yourself premium insurances. However, when things tumble down and you become affected by retrenchment or shutdowns of companies, you would prioritize other things than an insurance policy. Being unemployed causes depression to some especially those who are considered breadwinners of the family. Because of this, infographics showing the four insurance options for the unemployed was made. Get to know the insurance you could eligible with.
1. The government always tries to protect its people by creating laws that will be beneficial to them even if they are no longer working. If you have heard about COBRA, then you can now ask your employer if you are eligible to be retained in the medical insurance plan of the company. COBRA is federal insurance coverage which requires employers with more than 20 employees to provide medical insurance coverage for the removed employee. The coverage can be for the next 15 years after resignation. COBRA can be used by unemployed people who were relieved from their position through termination, resignation or inability to pay insurance because of low earnings.
2. It is common among countries to provide health assistance to their citizens. The federal provides Hospital indemnity insurance which can be used by unemployed when they get hospitalized. As this is a fixed coverage policy, you can use it for severe illnesses that require surgery, radiation, and chemotherapy. No hospital must reject you just because you don’t have insurance. Everyone got it from their government. Know your rights and privileges.
3. Another privilege that you can use during an emergency is the government-funded Medicaid. It is an insurance policy given to people considered as part of the marginal sector and can’t pay the price of private insurance companies. However, it requires more than just a low earning to be eligible for this. Housing requirements and health conditions could be considered. Most of the people who are granted with Medicaid are the senior citizens. But, try visiting your local government unit because you might be qualified for it too.
4. Having a job today does not guarantee that you will have it forever. There are several external factors that could affect your financial conditions in the future. While employed, invest in insurance policies that can provide benefits to you even if you are no longer employed. Through Health Insurance Marketplaces, you can find several healthcare providers offering various types of insurance policies. While you are young and able, pay for the premium ones so that when life gets tough, there is an insurance that you can utilize to help you until your recovery period.