As the nation struggles to recover from the unfortunate economic disaster, another problem continues to rear its ugly head. Thousands of people have to live without health insurance North Carolina. North Carolina residents who have lost their jobs are struggling to make do without the coverage they enjoyed while employed. Self employed people continue to look for affordable choices that will help them get the care they need. Both parties are just one accident away from financial ruin instigated by a mountain of medical bills. One option that may provide some relief is to purchase an individual health insurance plan.
Individual health insurance North Carolina residents can buy are private plans which have been purchased by individual consumers rather than a business. These plans offer a number of advantages over those provided by employers. The main benefit is that it is not tied to your current employer. Even if you become unemployed, you will continue to carry the same insurance plan for as long as you pay the premiums. This type of plan can certainly be a lifesaver if you are struggling with a chronic condition and need the coverage to assist with medical costs.
What makes individual health insurance a good fit for the unemployed is coverage can be increased or decreased depending on your circumstances. If you are unemployed and have your own coverage, you can make changes to your individual plan, such as increasing the annual deductible, which will lower your monthly premiums to a more manageable amount. You may find that by increasing the deductible your annual premium savings may be more than the amount you increased the deductible. In this instance, this would be a smart financial move regardless of the economy or your current economic situation.
Another option for health insurance unemployed persons may be able to take advantage of is COBRA. COBRA allows you to stay on your employer’s plan for 18 months. However, you must pay the full premiums unless you qualify for the government subsidy which covers 65% of your premium for up to 15 months (this subsidy is set to expire in 2010). There are risks involved with choosing COBRA over an individual plan. For instance if you are on COBRA and are diagnosed with a serious condition you may find that you won’t qualify for individual coverage once your 18 months of COBRA is used up. You still have some options but they don’t come cheap. A knowledgeable health insurance North Carolina agent can provide you with all of the information you need as well as a free quote to help you make the best choice for your situation.
