When the average cost of COBRA insurance is a whopping $15,073 annually, what options do people really have for healthcare after job loss?
(PRWEB) January 23, 2013
When the average cost of COBRA insurance is a whopping $15,073 annually according to a Kaiser Family Foundation survey, what options do people really have for healthcare after job loss? For most getting laid off is hard enough, but coupled with the loss of health benefits, many families find themselves faced with making tough, and often confusing decisions, about whether or not COBRA is the right choice for them.
The fact is that "no matter how you look at it, COBRA will feel burdensome for people who had been bringing in a salary but now aren't," says Sonya Streeter, a Kaiser policy analyst. She continued, "The insurance cost goes up at the same time income has dropped.” Moreover when the cost of a private health insurance plan for a family was $4,968 according to eHealth Inc, more than $10,000 less than the price of COBRA, when should families choose COBRA and when should they choose a far less expensive private plan?
COBRA Insurance Direct just released an infographic to help individuals and families figure out just that. Using a simple flowchart of yes/no questions, people can easily determine whether or not they are likely to qualify for COBRA insurance and whether or not they should be considering other alternatives including private plans, government plans, Medicare, and more. The infographic helps someone find the right option for them based on factors like age, health plan needs, current health status, budget, and more.
Additionally the COBRA Insurance Direct infographic will help people understand what COBRA insurance is, its history, the cost of coverage, length of coverage, and more.
Given the importance of health insurance, it is critical that families are armed with the information they need to make a smart decision about health plans after job loss. Although COBRA is a strong option and allows someone to continue the exact same coverage, it can create an insurmountable financial strain for many. Knowing what options are out there can help a family make a decision that works for their health and finances. To learn more about COBRA insurance and alternatives, visit COBRA Insurance Direct.