In today’s economy losing your job can be downright terrifying. With the rising rate of home foreclosures and consumer loan defaults it is clear many Americans are struggling just to pay the basic expenses. This makes losing your primary source of income an additional burden that many families simply cannot afford. When you combine the fact that most group health insurance is also terminated with your position, it is no wonder so many families live in fear of losing their job. Fortunately due to the increase of self employed individuals and efforts made by Congress to make health care more affordable, there are options for those of you facing a layoff, which allows you greater flexibility in retaining your health care coverage.

Cobra Subsidies- Since 1986 employees who are laid off have had the option to continue health insurance coverage through COBRA benefits. Up until recently many employees have not been able to take advantage of this benefit due to the fact that while insurance remained available the entire burden of paying the full premium landed squarely in the hands of the employee. This has recently changed due to a subsidy in the economic stimulus package which allows employees who have been laid off between September 2008 and December 2009 to pay 35 percent of the premium to their former employers. Undoubtedly this change has made health care coverage more of a reality for families experiencing a financial hardship.

Private Policies- Due to the increase in self employed and freelance workers, there are more options available for individuals or families seeking health care all on their own. If you will be seeking your own insurance plan and currently have coverage through COBRA, it is important to begin your search for the right policy well in advance of the date your current coverage ends. This is to avoid loss of coverage between the time the new policy takes effect and the older policy expires. When looking for your own insurance plan, allow yourself plenty of time for research and comparison shopping. Health insurance is one of the things in life where finding the lowest price is not always the same as finding the best deal. Carefully compare coverage, out-of-pocket expenses and deductibles to determine which plan is right for you. Don’t know where to start? Consider using the Internet to compare quotes from many different policies, be advised however the prices are general quotes and your premium may change based on your medical history and needs.

Sign Up On Spouse’s Plan- Most insurance plans have an open enrollment period where changes can be made to the policy. If you have lost your job and your coverage you qualify for a special circumstance that allows changes to be made. By adding yourself to your spouse’s insurance plan you guarantee there are no lapse in coverage.

Health Insurance Assistance Programs- If you have exhausted other means of securing insurance while you are in between jobs and simply cannot afford to pay for coverage, you may be eligible for government assistance. Federal, state and local governments offer health insurance coverage to qualifying individuals and families who cannot otherwise afford to pay for coverage. Do not allow your pride to prevent you from contacting these agencies for help if you are experiencing a financial hardship. Things may seem difficult now but you will get back on your feet again. In the meantime having adequate health care coverage for yourself and your children is necessary to ensure you are physically and financially able to recover from your job loss. Remember we all need help at some point in our lives and accepting help from a government program designed to assist citizens in their time should cause you no shame.

Remember health care insurance is one of the things we pay for and hope to never use. Losing your job can be devastating financially; imagine how difficult recovery will be if you experience a medical emergency without health care coverage. For this reason securing health care insurance should remain a top priority while you are in between jobs.

• Why You Need An Estate Plan And How To Set One Up.
• 3 Reasons Why You Need Multiple Streams of Income
• 4 Ways To Keep Your Health Insurance Between Jobs
• Health Insurance in College
• Open Enrollment Time