HealthCare Subsidy May help Unemployed Cover Keep healthcare Cost at Crucial Time

Lawmakers are scrambling to work out the kinks in the Financial Stimulus Plan one of the plans focus has been on consumer healthcare cost and ways to insure healthcare for families in this economic crisis. Recent reports say all the details are not yet known as the house and senate work to finalize the plan, but the outcome should be good and released as soon as the end of the week. The purpose of the COBRA subsidy is to help many Americans who are losing employment maintain coverage. The plan will provide as much as 21.4 billion in COBRA healthcare subsidies.

What does this mean for you? If your recently lost your job and are unable to secure new employment you will most likely be or unwilling to accept COBRA to maintain your personal or family employment coverage the government will subsidize somewhere between 50-65% of the premium, the length of the subsidy plan will run from 9 months to as long as 18 months. However single filers and married filers will lose eligibility at incomes over $125,000 and $250,000 respectively. Also of worthy research is what many A rated health carriers have designed for this purpose is temporary health insurance or also known as short term medical coverage.

Short Term Medical is a form of health insurance that is typically used for covering gaps on permanent health insurance coverage. Short Term Medical Term periods are usually for 1,3 or 6 months and many STM plans cover up to 12 months. Short-term medical insurance is a simple way to protect you or your family members If you have been laid off due to recent economic changes or are simply between employers and have a waiting period for employer benefits. You can purchase instant coverage short term medical for about ½ the cost of the monthly COBRA premium . Short Term Medical Plans are offered through many of the same insurers that you can purchase permanent individual or group plans from including Assurant, Aetna, and United Healthcare- Golden Rule, Humana and Blue Cross Blue Shield. Consumers can obtain many of the same features and benefits offered with permanent health plans such as co-pays, prescription drugs, choosing doctors, deductible options, hospital benefits, ambulance services, surgeries and transplants. These features and services as well as cost will vary from one insurer to the other and should be reviewed. Most individuals will qualify up to age 65 as long as they pass a few basic health questions If you have a pre-existing condition or are receiving treatment this may be excluded from coverage from your STM plan. If you had creditable coverage in the last 12 months you can qualify for short term medical by simply applying and answering a few simple health questions. These two options are important to the American public as statistics estimate a unemployment rate approaching 8% many will find that health care cost will be the first expense they will let go.