What Should You Do If You Lose Your Health Insurance?
Did you know that an average day in a hospital can cost you as much as $ 2,000? While a typical cholesterol lowering drug costs nearly $ 100 a month. This is the reason why you should value your health insurance. However, the possibility of losing your health insurance is quite real and this can happen due to many reasons.
You can lose your health insurance because of a job layoff, early retirement or your employer can decide to drop health benefits. It is also possible that you lose your health insurance because you can not afford the premiums you are required to pay or due to divorce. You may take it lightly but losing health insurance means not qualifying for Medicaid or Medicare.
What should you do if you lose your health insurance? The good news is that there are temporary insurance you can get that can help you in case of any medical emergency. One such temporary health insurance is COBRA (Consolidated Omnibus Budget Reconciliation Act) that allows workers to purchase coverage for up to 18 months if they lose their employer health benefits. You will have to pay the expenses from your pocket. You can also purchase COBRA for anyone in your family who were also covered before you lost your insurance.
A point to be noted is that because of federal and state laws, you can not be turned away from a hospital emergency room if you do not have a health insurance. In addition, many hospitals do run free clinics or low cost clinics which offer treatment and medical help to people with chronic conditions and no health insurance.
You can also try and negotiate with your doctor. Most doctors will be willing to either reduce their fees or accept extended payment arrangement.
With all this said, health insurance is important and if you have lost yours, work towards getting one for you and your family.